Preparing students for the new business environment

Thailand has been transitioning to a service-based economy, which accounts for just over half of GDP, and universities are being urged to enhance the capacity of new graduates to meet changing market demand.

Bangkok University has noted this changing trend and is grooming students to serve the workforce and the economy, newly appointed president Petch Osathanugrah said.

“Today the world is connected seamlessly, and it’s time for the creative economy to take the lead in Thailand,” he said.

Thailand’s economy used to rely heavily on agriculture and industrial development, but the service sector has grown continuously since 2010, last year accounting for 52% of GDP and representing 49% of total national employment.

Mr Petch believes innovation is a major driving force in the modern economy.

“Innovation comes from creativity and determination to create something new or elevate existing products. It takes courage to take action. Modern people who will help to push the creative economy must have creativity and entrepreneurship,” he said.

Producing graduates who meet the needs of the economy is a task of the education system from primary to tertiary levels. The whole system needs a revolution, Mr Petch said.

He said Bangkok University strongly encouraged students to be creative, have an entrepreneurial spirit and be internationally minded.

The 53-year-old university foresaw the change and has adapted itself in many aspects to prepare students for the new business environment, Mr Petch said.

As the business world merges, especially with the imminent Asean Economic Community, the service sector will grow rapidly, particularly tourism and hospitality, which is expected to grow 20%.

Meanwhile, Bangkok University has built networks and partnerships with the government and private sector as well as foreign educational institutes.

Since 2012, the university has jointly run the School of Entrepreneurship and Management with Babson College in Wellesley, Massachusetts.

Babson transfers knowledge and expertise through exchange programmes. The core qualities of creativity and entrepreneurship have helped students to create innovations in sectors such as tourism, hospitality and fashion.