More local companies urged to invest abroad

So far, only 823 out of the more than 500,000 registered Thai firms have gone international by setting up factories or opening outlets abroad. The department's director-general Rachane Potjanasuntorn said just promoting exports may not be enough to ensure sustainable growth in the long term, though promoting overseas investment will ensure that foreign income comes into the country regularly.

"Many Thai companies have the potential to branch off overseas, but there's a lack of knowledge and support from related agencies. The Commerce Ministry is conducting a training programme to help these businesses succeed abroad," he said.

Businesses with overseas potential include those in the service sector and labour-intensive manufacturing as well as firms seeking larger markets, needing a high volume of raw materials and top technology related to textiles, garments, lifestyle goods and processed food.

Rachane said the training programme would focus on small- and medium-sized enterprises because, though they get very little financial support, they have the potential to help increase the country's income.

Under the project, lifestyle goods manufacturers would be helped to set up a production base in Australia; toy producers in India; producers of fashion goods including garments in Asean countries; leather goods in Japan and Italy; and jewellery in China, the Middle East and Africa.

To date, five types of Thai firms have already set up successful operations overseas, including 85 companies in food and healthcare enterprises; 68 in lifestyle goods; 67 in fashion industry; 51 in construction and construction materials; and 38 in service operations such as hotels.

The top five targeted investment destinations for Thai businesses are Cambodia, Vietnam, China, the United States and Burma.