Krungsri combines its fully-integrated financial expertise in Thailand with Mitsubishi UFJ Financial Group (MUFG), one of the largest international financial institutions in the world, with networks in more than 50 countries around the world, in order to support Thai entrepreneurs with a wide range of financial services and business opportunities. These include business matching activities, international advisory services for offshore business expansion and academic seminars.
Krungsri executives welcome speakers and participated customers. Mr. Pornsanong Tuchinda, Head of Commercial Banking, Bank of Ayudhya Public Company Limited (4th from right), Mr. Sayam Prasitsirigul, Head of SME Banking Group, Bank of Ayudhya Public Company Limited (3rd from left) and Mr. Kazuhiro Sudo, Deputy Head of Commercial Banking, Bank of Ayudhya Public Company Limited (2nd from right)
A Krungsri Business Talk seminar entitled "Create Opportunities Entering Myanmar Markets" was recently held with the aim of providing Thai entrepreneurs with knowledge about business expansion. The seminar covered new aspects of trading and investment opportunities in Myanmar, an ASEAN member with a high-growth potential market. The seminar saw several relevant topics addressed by experienced speakers.
Mr. Pornsanong Tuchinda
Head of Commercial Banking
Bank of Ayudhya Public Company Limited
Krungsri sees great business opportunities in Myanmar and the bank is ready to support Thai entrepreneurs with total financial solutions and MUFG networks in more than 50 countries around the world.
Dr. Somprawin Manprasert
Chief Economist, Krungsri Research
Bank of Ayudhya Public Company Limited
"With a population of over 52 million, Myanmar is an open market for mid-level players. Purchasing power is increasing continually and many opportunities lie ahead for Thai investors, especially for service-sector businesses. The government is building new infrastructure across the country while encouraging foreign direct investment. For example, they have shortened the time required for setting up a company from two months to two weeks. Thai investors are, therefore, encouraged by these opportunities."
Asst. Prof. Dr. Piti Srisangnam
Director for Academic Affairs, ASEAN Studies Center
Assistant Professor of Economics, Faculty of Economics, Chulalongkorn University
"By understanding the needs and behaviours of people in Myanmar and the products they want to purchase, Thai businesses can find success there. For instance, orange colour is related to religion, therefore, orange pick-up trucks, that gained popularity in Thailand, are hardly sold in Myanmar."
Dr. Tanit Sorat
President, V-Serve Group
"A lot of opportunities lie ahead in Myanmar, including unpreparedness. I am successful in Myanmar markets because my business has supported leading logistics companies to overcome the unpreparedness. Moreover, having local allies is crucial in determining success or failure and choosing the right allies is important . The best way to find such allies is through financial institutions, because then your risk is also their risk ."
Mr. Suravath Pinsuwanbutr
Managing Director, Myanmar Alliance Venture
"Myanmar is the last piece of the trading jigsaw in ASEAN countries for distributing products to China, India and Bangladesh. A wide range of products is required in Myanmar, and with its rising spending power, the market has the potential to grow strongly. Health-care business is interesting because the majority of patients in leading Thai hospitals are Myanmar people. These people have high purchasing power but can’t find this type of service in their country."
Mr. Siruwat Chatchawan
Founder, Tummour Brand
"Two major business advantages of doing in Myanmar include low-labour cost and high quality raw materials at relatively low cost. However, in terms of labour, we have to train them. Strong Thai brands have an advantage because Myanmar people consume Thai media and are partial to Thai products . For the restaurant business, Myanmar consumers share some food preferences with Thai people, and many best-selling dishes in Myanmar are popular in Thailand as well."
Mr. Rommakiet Kawratanamporn
Chief Representative, Krungsri Myanmar Representative Office
"Krungsri is proficient in supporting Thai SME entrepreneurs who trade and invest in Myanmar. We offer total financial solutions and accurate and timely supporting data. We are also in a good position to introduce the right business allies and offer advice for negotiations. For example, rentals in Myanmar require one year advance payment, but we can negotiate and reduce that to monthly or quarterly payments. In addition, we can help businesses build their networks because we have both the know-how and the know who."
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