Forvis Mazars Hosts 'Future Thailand: Pioneering Growth in a Dynamic Economy' Forum

Forvis Mazars hosted its Annual Forum 2024 "Future Thailand: Pioneering Growth in a Dynamic Economy" driving Thailand's future forward. The event brought together experts from various fields to share insights and visions about Thailand's economic landscape, future trends and how Thai organizations should prepare to cope with coming challenges. The forum attracted over a hundred leading businessmen. Participants gained access to the latest information on business-related laws, taxes and technologies fostering dialogue and networking opportunities among entrepreneurs, investors and specialists across diverse sectors.

Mr. Rob Hurenkamp, Managing Partner of Forvis Mazars in Thailand opened the forum by emphasizing the significant challenges facing Thai organizations in a rapidly evolving global environment. "This forum serves as a critical platform to provide our clients and partners with insights and knowledge about economic trends and various changes, including tax laws that will impact business operations in Thailand, both for Thai companies and Thai individuals operating internationally. There are numerous challenging factors that organizations need to be fully prepared to address."

Dr. Arnunchanog Sukondhavat, Director of the Macroeconomic Strategy and Planning Division at the National Economic and Social Development Council (NESDC) explained the factors influencing the future economy. These include shifts in political power dynamics, the implementation of various regulatory policies that can impact economic stability and uncertainty, changes in trade regulations and technological advancements. Particularly the Artificial Intelligence (AI), the Internet of Things (IoT) and blockchain, which must be leveraged to maintain competitiveness. These advancements present both opportunities and risks that require careful consideration. Additionally, the issue of sustainability is crucial, and Thailand must adapt to climate change and resource scarcity by adopting sustainable practices in future business operations.

Forvis Mazars' consulting team and experts presented at the forum include: Outsourcing Partner Mr. Jonathan Fryer, Legal Partner Mr. Chatchawat Kriengsuntikul, Tax Partner Mr. Jonathan Stuart-Smith, Financial Advisory Partner Mr. Prasenjit Chakraborty, Audit Partner Ms. Tippawan Pumbansao, along with other top executives in Thailand.

Mr. Chatchawat Kriengsuntikul, the Legal Partner offered insights into the legal perspectives of global challenges facing Thailand. Key trends impacting Thai laws and regulations include the shifting economic landscape which is influencing Thailand-China trade development. The enforcement of the Draft Climate Change Act will significantly affect the country's greenhouse gas emissions and business operation costs. The draft Electronic Transaction Act aims to modernize the legal framework for digital transactions. Organizations should proactively plan their tax strategies to minimize expenses.

Mr. Jonathan Fryer, Outsourcing Partner, said the next trend is Autonomous Artificial Intelligence (AI) agents, which can make significant decisions autonomously without human intervention. AI can help organizations reduce costs, enhance transactional efficiency, analyze financial data for crucial decision-making, identify market trends and opportunities and effectively set business direction.

According to Audit Partner Ms.Tippawan Pumbansao, another crucial area for organizations to focus on is navigating climate change and resource scarcity and refining their ESG (Environmental, Social, and Governance) reporting practices. Compliance with environmental and new economic policies is crucial to maintaining competitiveness in both domestic and international markets. Transparency in sustainability reporting is increasingly important and must be subject to rigorous audits, similar to financial reports to meet sustainability auditing standards.

"These factors highlight the significant challenges facing Thai organizations in a rapidly changing global landscape. Forvis Mazars is committed to helping businesses navigate these challenges and achieve success. We offer a range of services including financial advisory, tax planning, legal services and sustainability reporting to help organizations thrive in the future." Mr. Prasenjit Chakraborty, Financial Advisory Partner concluded.

Forvis Mazars' experts are ready to support businesses with strategic advice and practical solutions to ensure their growth and success in today's rapidly changing market.