Two leading business executives have shared their views about the challenges and the unpredictability of doing business in the future, ranging from depleting natural resources and digital disruption to emerging infectious diseases, such as COVID-19, climate change, geopolitics and human rights awareness.
Pichai Chunhavajira, an advisor to the prime minister and CEO of Bangchak Corporation, said that, in chaotic and complex global situations, the one thing which is certain is the depletion of natural resources as the world’s population increases.
He said that a father could comfortably raise eight children in the past, but parents today can hardly afford one child, as he predicted that our grandchildren and great grandchildren will find it extremely hard to make a decent living and competition for natural resources will become increasingly fierce.
Competition between countries will intensify, as they strive for economies of scale and resort to more technological applications to stay afloat and use trade barriers to protect their vested interests.
As a small country, Pichai said Thailand should rely more on domestic consumption to boost the economy, rather than relying so heavily on exports. He added that unpredictable emerging infectious diseases, such as COVID, have extensive impacts the world over, including in Thailand.
Suphajee Suthumpun, CEO of the Dusit Thani group of companies, said that there is no fixed model for successful business in a world which is changing fast and, most often, is unpredictable, making it necessary for companies to have a Plan B and a Plan C on which to fall back in case Plan A does not work.
As business becomes more complex, she said that no sector is safe indefinitely, citing commercial banks today, which are facing new challenges from new technology and new players.
Despite the challenges and pressures confronted by Thailand, Suphajee urged all sectors to join forces to drive the economy, as she urged the government to do its part by restoring the confidence of foreign visitors to Thailand, improving the standard of Thai labour and easing legal restrictions, among others.
