Honeywell drawn to Thailand 4.0
Honeywell, the global software and industrial group, is keen on taking advantage of the transition to Thailand 4.0, aiming for revenue growth this year of 7-8% from 6.6 billion baht earned last year.
The company announced a focus on aviation, logistics and real estate business for growth in Thailand, while maintaining existing oil and gas solutions segments.
Briand Greer, president of Honeywell Asean, said Thailand is the fastest-growing market in Southeast Asia for digital and ecosystem business.
Thailand’s GDP growth projections are in the range of 3.5-4% for 2018.
“Aviation will continue to grow in Thailand, but more software and technology solutions are necessary,” Mr Greer said. “Meanwhile, home and building businesses and transport will also grow continuously. We will keep working with the Thai government to find new opportunities.”
Thailand’s Eastern Economic Corridor is a targeted area for Honeywell.
Mr Greer said the company’s investments in Thailand will not manifest in a factory or production base, but will focus on developing people and expertise, especially in new digital solutions and software.
“I commend the government for its continuous efforts in developing the country’s transport infrastructure, as well as for its leadership in recognising the importance of connected technologies,” he said. “We are committed to being a long-term partner to Thailand, providing solutions that contribute to the country’s growth and Industry 4.0 efforts.”
For the home and building segment, the company already provides property management services at FYI Center on Rama IV Road in Bangkok and is seeking more business in the category.
Apart from Thailand, the company is interested in business throughout the region. At least 26 cities in the region want to transform into smart cities, meaning they will need solutions, Mr Greer said.
Last year, the Asean market contributed 26.4 billion baht to the company’s revenue and Thailand was one of the key markets driving this growth.
Speaking at a seminar entitled “Connected Technologies in a Digital Transportation World” organised in Bangkok yesterday, Mr Greer told the panel that Thailand’s vision for transport gives the company high hopes for moving into the country’s high-tech industry.
The Transport Ministry has taken decisive steps in supporting the long-term development of the country’s transport infrastructure. Its 20-year National Transport Infrastructure Investment Plan (2017-36) has set out a clear vision geared towards sustainable transport with targeted goals, strategies, action plans, outcomes and key performance indicators covering transport efficiency, green and safe transport, inclusive transport and innovative transport.
Teerapong Rodprasert, vice-minister for transport, said Thailand 4.0 policy is focusing on the transformation and modernisation of the economy.
He said the ministry’s strategic plan is to harness the power and potential of digital technologies, build out and renew transport networks and systems, and make Thailand a hub for connectivity.