Thailand urged to keep pace with growing ASEAN service sector

BANGKOK, February 28 (TNA) - ASEAN Secretary General Surin Pitsuwan has urged Thailand to adapt and further develop local service businesses to boost their competitiveness in order to keep pace with the growing service sector in the 10-member Association of Southeast Asian Nations (ASEAN). Speaking at the ASEAN Business Forum 2012 held in Bangkok Tuesday, Surin acknowledged that ASEAN is now a highly-attractive investment destination for global business operators, particularly in service businesses namely spa, education, transportation and logistics. Surin pointed out that investment in the service sector with upgraded personnel to ensure competitiveness will significantly promote and enlarge the production sector in Thailand and the 10-nation ASEAN bloc as a whole in the coming years. The ASEAN chief also suggested that Thailand reduce investment barriers in the local service sector, noting that total investment in the service sector in the ASEAN bloc has exceeded 80 billion US dollars so far and is expected to rise further this year, thanks to the improving US economy. The ASEAN chief, who is a former Thai foreign minister, said, however, whether or not Thailand will be able to attract long-term global investment into the local service sector depends on the country's ability to adapt to and to keep with the growing regional service businesses. (TNA)