Bangkok, Commerce – Council of the Thai Chamber of Commerce – University of the Thai Chamber of Commerce, Family Business Thailand project, strengthens the potential of family businesses. For the first project, 51 businesses have already applied for both product and service production groups.
Ministry of Commerce By the Department of Business Development In collaboration with the Thai Chamber of Commerce and the University of the Thai Chamber of Commerce signed an MOU to organize the Family Business Thailand project to strengthen Thai family businesses. Heirs have the knowledge to manage businesses systematically because more than 80% of businesses in Thailand are family businesses. Business succession therefore requires knowledge, understanding and good family communication. Understand the differences between people of different ages And open your mind to the new generation to use technology to help manage your business to be successful. This project will help push family businesses to be passed on endlessl
y from generation to generation.
Mr. Ekachat Sitaworarat, Deputy Permanent Secretary, Ministry of Commerce Revealed after presiding over the opening ceremony and signing ceremony of the memorandum of understanding for the project ‘Family Business Thailand, Ministry of Commerce Has been assigned to the Department of Business Development In collaboration with the Thai Chamber of Commerce and the University of the Thai Chamber of Commerce organized an MOU signing ceremony for the Family Business Thailand project with the objective of building the potential for professional family business management. Especially the group of small SME business heirs and members of the YEC network nationwide.
The Ministry of Commerce places importance on accelerating the development of Thai SME businesses to be ready for competition. Especially the inheritance of family businesses from generation to generation, which has existed in every country for a long time. including in Thailand It currently accounts for approximately 80% o
f all businesses in Thailand. It is an important driving force for economic growth. However, it has been found that family businesses face problems in adapting to keep up with market changes. Managing conflicts that often arise from different opinions of family members who have experiences in different eras. and the lack of knowledge in truly managing family businesses. Therefore, this MOU will be the starting point of cooperation that will connect family businesses with knowledge in business management. and market development with technology and innovation including various related regulations This will bring quality information that is useful in creating commercial opportunities. In addition, managing the network for family businesses can be passed on. It also drives and develops the potential of SME entrepreneurs in a concrete way in line with the Ministry of Commerce’s policy that aims to push SMEs to increase GDP by no less than 40% by 2027.
According to the University of the Thai Chamber of Commerce, T
hailand has family businesses that are companies listed on the MAI Stock Exchange and companies listed on the Stock Exchange of Thailand. A total of 1,526 companies, or 77.58 percent of all companies. And only 30 percent of family businesses survive and are successfully passed on to the second generation, only 12 percent make it to the third generation, and only 3 percent survive. To the 4th generation respectively, it is a challenge for the business heirs to carry the family business forward.
However, cooperation under this MOU will help develop family businesses to be able to manage their businesses to survive strongly. It is considered an important new dimension and is on the right track. Because in the past there has been business development in various forms. But it still doesn’t cover the family business much. This MOU will help strengthen the business moving forward. It also reflects the deep obstacles that family businesses must encounter, allowing the public and private sectors to plan business prom
otions to solve problems in the future.
Mrs. Oramon Sapthaweetham Director-General of the Department of Business Development said that the signing of the MOU for the Family Business Thailand project is another step of success in driving the country’s economic system. It is a collaboration of government agencies and the private sector that work together to promote and develop Thai entrepreneurs. By using the potential of each department to create mutual benefits for all parties. The Department of Business Development is responsible for supporting business information in order to plan the development of strong family businesses. In addition, we organize training on related topics and lecturers to provide professional business knowledge. The first activity will be the Family Business Thailand training course between 8-9 May 2024 at the 1 Century Convention Center, 6th floor, Department of Business Development. Applications are open from today until 26 April 2024. Training is free of charge. Currently, there are
51 businesses that have applied to join the project, which are a variety of family businesses that produce products and provide services.
Mr. Sanan Angubolkul, Chairman of the Board of Directors of the Thai Chamber of Commerce said the past small family business and medium sized businesses are affected by the economic slowdown. In addition, there is still a lack of knowledge in proper business management. This makes family businesses unable to adapt in time under rapidly changing circumstances. Therefore, this MOU is considered a good starting point that will help strengthen the competitive potential of family businesses in all aspects. Thai Chamber of Commerce As a private organization with many experienced and talented businessmen. Ready to support personnel to provide advice, guidance, and provide speakers to transfer knowledge on family business management. Integrate government cooperation The private sector and educational institutions are ready to pass on business from generation to generation. To enab
le family businesses to play an important role in driving the Thai economy towards sustainable growth.
Assoc. Prof. Dr. Thanawat Phonwichai, President of the University of the Thai Chamber of Commerce Further revealed that The University of the Thai Chamber of Commerce takes part in promoting and developing various courses in the Family Business Thailand project, including short courses. and long-term courses (Degree and Non-Degree) with family business owners and heirs to bring knowledge for accelerating growth. along with the deployment of technology in the business as well as taking advantage of the family business network To continue growing the business and pass on the business from generation to generation.
Associate Professor Dr. Ekachai Apisakkul, responsible for the Family Business Thailand project, reflected his views as a family business consultant that Family businesses are important economic warriors of the Thai economy. They can generate income of approximately 60-70% of GDP, but most often fa
ce problems in business succession. Until there is a saying Family businesses are often not passed on until the third generation because the science of family business management is a specialized science that is cultivated. It is transmitted in a limited circle. Therefore, joining forces between the government, private sector, and educational institutions as a “three-way coordination” is considered a good sign that Thailand will be able to expand its base. The strong ‘army of economic warriors’ is systematically increasing.
Interested entrepreneurs can follow and apply to participate in various activities. organized in collaboration with the Thai Chamber of Commerce and the University of the Thai Chamber of Commerce, can be viewed on the website. www.dbd.go.th Or ask for more information at Service Business Division Department of Business Development, call 02 5475985 or hotline 1570.
Source: Thai News Agency