Bangkok Post: Go abroad for fame and gain

Other Thai companies should follow suit and check out the opportunities abroad because at the end of the day, in a globalised world and with the AEC just around the corner, cocooning oneself for fear of getting burned does more harm in the long run.

Now that is what I would call a slap in the face of those partners who took advantage of ITD during the firm's initial venture in India, and kudos to ITD for having had the courage to soldier on.

None of the companies that have been successful abroad have had a smooth ride. Take ITD as an example. The company had a bad experience in the very first project it undertook in India, but the opportunities it saw in the market made the company stick with its aim of being successful in the market. Initially the firm went to India with a local partner but things didn't work out too well, so it decided to buy out a company there, even though the first experience was not a smooth one.

Today, it is being praised by that country's largest conglomerate and _ if I am correct in my reading of Tata's effulgencies _ actually courting the company.

Although a lot of the Thai companies have the capability to make a mark internationally no matter how difficult the terrain, their reluctance to take the first plunge is surprising. With the launch of the Asean Economic Community in 2015, Thai firms need to start making themselves felt in the regional if not global marketplace. For those Thai firms keen to expand abroad but are holding back simply to learn the tricks of the trade before making their move, the message is loud and clear: "Either you make the move, or become an also-ran."

Companies such as Mitrphol sugar mills, Banpu Plc, Thai Union Frozen Products Plc, Anantara, Centara hotels & resorts and ITD are a rare breed which have made a name for themselves in the global arena.

The sad thing is that not many Thai companies have been able to take this step; only a handful of companies have gone abroad and shown their talent.
The praise for ITD, a company with a market capitalisation of just US$500 million (against Tata Group's annual revenues of $67 billion), is an indication of how Thai companies really can show global giants what they are capable of.

ITD, which in May 2005 took over Shanska Cementation India and renamed it ITD Cementation, has been very successful in undertaking mass transit, airport, highway and hydro power projects. The company has about 50 infrastructure projects ongoing in India. ITD holds a 70% stake in ITD Cementation.

Tata Group, which has operations all across the world from steel mills to cars down to information technology, still lacks expertise in infrastructure building and its top management were openly praising a Thai company _ Italian-Thai Development Plc (ITD).

The second meeting proved even more surprising. Tata Group, a company whose annual revenues exceed US$67 billion, spent nearly 20 minutes of the 90-minute slot we were given, on raving about one single company in Thailand and how they would be keen to form a joint-venture with this firm, for investment in India or elsewhere such as in Africa.
Nowhere in the world is hardware the key to a knowledge-based economy and Thais are starting to demonstrate their abilities away from robot construction.

This is a clear indication that, despite reservations over what is being said about the technical inaptitude the Thai education system, there continues to exist some degree of good instruction that can be diverted away from simply building robots to win competitions.
The first meeting was with NIIT Ltd, a leading software developer, which openly stated how good the company's Thai operations were and how the Thai operations were a benchmark for the company's operations for global multinational such as Holcim.

During my short trip to India last week, I had the opportunity to meet with some of India's leading companies in the IT and industrial sectors. During two of these high-profile meetings, the know-how of Thai technicians and firms was the main focus of discussion.
The above statement is not something plucked out of thin air but comes from a real experience which I found quite astounding.

Thai companies that are very shy in taking their first step outside their home turf, should rethink their strategies, because their know-how and experience is the envy of some of the world's leading corporations.

Amid the flood of bad news inundating the economy of Thailand Inc, there remains a trickle of good news regarding the expertise of Thai companies which, if not shared, would fail to do them justice.