Firms urged to tap growing middle-class market in GMS

Bangkok Bank has urged Thai businesses to have a more active role in the Greater Mekong Sub-region (GMS) in terms of trading activities and investment, in order to tap the growing middle-class market in those countries. Speaking at the bank’s “Trade Logistics in Greater Mekong Sub-region: GMS” seminar yesterday, executive vice president Kobsak Pootrakool said the high level of gross-domestic-product growth in emerging GMS countries such as Cambodia, Laos and Myanmar presented a great opportunity for Thai enterprises. Cambodia has annual GDP growth of 7 per cent, while’s Laos’ economy is expanding by 8 per cent and Myanmar’s by 7 per cent, he said. He said that growth in the emerging economies of the GMS, which have a combined population of around 150 million, had led to a rising number of middle-class consumers and demand for electronic gadgets and new-technology products. … The combined value of Thai exports to CLMV countries – Cambodia, Laos, Malaysia and Vietnam – in the next two to three years will surpass the Kingdom’s exports to the US, he added. The current value of exports to the four markets is more than Bt20 billion. Bangkok Bank, meanwhile, is talking with the banking regulator in Cambodia with a view to resuming its operation in the country, as it wants to provide services to customers increasing trade activities in Cambodia and elsewhere in the GMS, said the executive. …

 Sucheera Pinijparakarn
http://www.nationmultimedia.com/business/Firms-urged-to-tap-growing-middle-class-market-in--30218244.html