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The creation of a single market under the ASEAN Economic Community (AEC) has placed the Small and Medium-sized Enterprises (SMEs) in an increasing competitive situation since almost all countries rely on similar products, e.g. agriculture and services. One of the main challenges is the resilience and adaptation of the SMEs. In this nexus, full preparation and adaptation for AEC readiness will reduce business risks and help the small-scale entrepreneurs to approach to new business opportunities. The possibility of maximizing the benefits of the AEC largely depends on the readiness of all stakeholders, especially the entrepreneurs who realize the changes and impacts on their capacity.
For SMEs competitiveness, Innovations and Technologies are the key factors and it is imperative for SMEs to develop and maintain a competitive advantage and/or gain entry in to new markets. Based on the survey of 1,000 large companies and 1,000 entrepreneurs (generally, smaller startups[1]), 97 percent of large companies and 82 percent of entrepreneurs believe that digital innovation is critical or important for their future performance[2]. Today’s digital economy, an SME without understanding of available innovation and technology, and how to use it to reach customers, partners and new markets, is at a severe disadvantage. The lack of access to modern technology and tools, especially the internet, is a severe constraint on SMEs’ participation in e-commerce and on SME development in the GMS. Many SMEs in the GMS countries need to gain access to online marketing and electronic payments as well as the requisite skills to utilize these tools. Thailand 4.0 is a policy vision of Thailand’s economic development and a model of the government’s economic development under the administration of Gen Prayut Chan-o-cha, Prime Minister and Head of the National Council for Peace and Order (NCPO). The Prime Minister has managed the country with the vision of stability, prosperity and sustainability to achieve the key reform missions to adjust, organize and align directions and create the country’s development guidelines to cope with new, rapidly changing opportunities and threats in the 21st century. Thailand 4.0 policy also encompasses the development of SMEs as well. With the aim to increase the value of SME GDP to be at least 50% of total GDP by 2021, the government plans to drive the growth of SME with three drivers; 1) Active Cluster/Smart Farming, 2) Smart SME and, 3) Global SMEs. With the enhanced capabilities, SMEs can develop the product quality and standards in response to development and changes. The establishment of the AEC is important to the SMEs in the GMS as they in principle will receive the benefits of agreements under the framework of Free Trade Area in terms of non-tariff schemes applied. In the light of the AEC blueprint and Thailand 4.0 economic model, The Mekong Institute (MI) in collaboration with The Office of Commercial Affairs, Khon Kaen, is organizing the 1st Khon Kaen Business Forum on “Promoting Opportunities for Trade and Investment through Sustainable Innovation and Technology Management in the Greater Mekong Subregion (GMS)” on September 25-26, 2017 in, Khon Kaen, Thailand. The Khon Kaen Business Forum aims at providing opportunities for innovative SMEs as well as exchanging best practices and success stories on innovations and technologies, and to build the business network between the SMEs with government officers, leading and startup companies and business people in Thailand and the GMS countries. [1] A startup company (startup or start-up) is an entrepreneurial venture which is typically a newly emerged, fast-growing business that aims to meet a marketplace need by developing or offering an innovative product, process or service. A startup is usually a company such as a small business, a partnership or an organization designed to rapidly develop a scalable business model. [2] Accenture, Harnessing the Power of Entrepreneurs to Open Innovations, Young Entrepreneurs’ Alliance Summit, Turkey 2015
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