United Overseas Bank (Thai) PCL (UOB (Thai)) is preparing its corporate customers for the formation of the ASEAN Economic Community (AEC) in 2015 which is set to open the doors to more regional expansion opportunities for Thai businesses. The idea of an AEC was adopted by ASEAN member states in 2007 to create a region with free movement of goods, services, investment, skilled labour and capital..
One of the steps the Bank is taking is to hold regular discussion sessions for industry stakeholders to explore the opportunities and challenges presented by the AEC. The latest forum saw Thai businesses, regulators, academics and leaders in the financial industry discussing the trade opportunities that an integrated economic community might bring. The forum was hosted by Ms. Patchanee Vongsilpawattana, Executive Director, Transaction Banking, UOB Thailand, and supported by guest speakers from the Chulalongkong University and the Bank of Thailand (BOT).
Ms. Patchanee said, “ASEAN is a dynamic region with an expanding economy and a population that is expected to grow in size and affluence. For Thai businesses that are seeking expansion in the region, the formation of AEC means they will have access to a larger market and consumer base as well as the opportunity to lower business costs.
“In order to stay ahead of their regional peers, Thai companies need to understand the diverse social, political and economic landscapes across the region. This will help them gain a head start to tapping the opportunities brought about by the AEC in 2015.”
Currently, the ASEAN region has a population of more than 600 million and Gross Domestic Product of US$ 2.3 billion.
Focusing on Thai companies with regional expansion The forums are part of UOB’s commitment to support its customers with their regional expansion plans. They follow the establishment of a dedicated Foreign Direct Investment Advisory (FDI) Unit in Thailand in March this year. The FDI Unit was set up to partner Thai companies in growing their businesses overseas as well as foreign companies which are looking for investment opportunities in Thailand. With an FDI Unit based in Thailand, local businesses will be able to access UOB’s full suite of corporate and personal banking products as well as the Bank’s extensive international banking network.
To support the ambitions of Thai companies, UOB (Thai) has pledged to double its Thailand cross-border corporate loans within the next two years.
July 29, 2013
For More information, please contact
Brand Performance & Corporate Communications,
Overseas Bank (Thai) Pcl.
Boonyaporn Vongbuikaw Tel. 0-2343-4965
or Chonreutai Dao-ngern Tel. 0-2343-4913