State announces strategy to support soaring services

Thailand has launched its first service business strategy, aiming to support growth of the service sector as it assumes a bigger role in generating revenue and creating higher value for the economy.

Commerce Minister Apiradi Tantraporn said the government wants to promote Thailand as an Asean service hub over the next five years.

The Commerce Ministry will also focus on a start-up complex to help Thai entrepreneurs in the service sector, she said.

“It’s part of the plan to move Thailand towards Thailand 4.0, and the Commerce Ministry will also play a major role in supporting our service sector to be strong and to compete well in the region,” Ms Apiradi said.

She said the service sector’s share of revenue has risen over the past few years.

According to data from the National Economic and Social Development Board, the service sector generated about 7.84 trillion baht of the 13.5 trillion baht total GDP in 2016.

Services are also playing a greater role in the world market, as the value of Thai service exports in 2015 ranked 21st in the world before moving up to 11th in 2016, according to the data from the World Trade Organization.

Prominent in the Thai service sector were wholesale and retail, lecturers, tourism management and supporting businesses, logistics and warehousing, arts and communication and financial and insurance businesses.

According to the strategy, an action plan to support food and restaurant businesses will be undertaken in concert with the Public Health Ministry, the Interior Ministry and also private business organisations to build a network to promote Thai restaurants and tourism-related businesses.

In addition, the government will also create an innovative new service to help to connect all related agencies with both domestic and foreign clients in order to help promote the Thai service sector.

The plan includes a project to create a “silver market”, an online platform designed to assist and further develop the Thai service sector. It will also serve a link with other Thai S-curve industries.

Moreover, the government will also overhaul and modernise the country’s legal framework in order to facilitate the expansion of the sector.