Forvis Mazars Hosts Forum, ‘Future Thailand: Pioneering Growth in a Dynamic Economy’

From left: Mr Jonathan Fryer, Mr Prasenjit Chakraborty, Mr Rob Hurenkamp, Mr Chatchawat Kriengsantikul, Mr Wichai Somboonchokpisal, Miss Tippawan Pumbansao, Mr Jonathan Stuart-Smith

Bangkok, October 2024 – Forvis Mazars hosted its Annual Forum for 2024, “Future Thailand: Pioneering Growth in a Dynamic Economy,” which focused on the importance of adapting to a rapidly evolving business landscape. Held on 3 October at SO/ Bangkok Sathorn, the event brought together over a hundred business leaders, experts, and policymakers to explore key economic trends, innovations, and strategies for future-proofing Thai organizations. Attendees gained valuable insights on the latest developments in business law, tax, and technology, fostering vibrant discussions and networking across diverse sectors.

Opening Remarks: Embracing Change in a Globalized World

Mr. Rob Hurenkamp

Mr. Rob Hurenkamp, Managing Partner of Forvis Mazars in Thailand, opened the forum by addressing the significant challenges confronting Thai businesses. "This forum provides a vital platform for our clients and partners to stay informed about economic trends, regulatory changes, and tax policies affecting Thai companies and individuals with international operations," Mr. Hurenkamp explained. "The landscape is increasingly complex, and it’s essential for organizations to be fully prepared to navigate these dynamics."

Economic Insights from Industry Leaders

Dr. Arnunchanog Sukondhavat, Director of the Macroeconomic Strategy and Planning Division at the National Economic and Social Development Council (NESDC), delivered a keynote address on factors shaping Thailand’s future economy. She discussed the influence of shifting political power, regulatory policies, and trade regulations, as well as technological advances such as Artificial Intelligence (AI), the Internet of Things (IoT), and blockchain. Dr. Sukondhavat highlighted how these innovations offer both opportunities and risks, and stressed the importance of adapting business models to maintain competitiveness. She also emphasized the critical need for sustainable practices, urging Thai businesses to prepare for climate adaptation and resource scarcity challenges.

Forvis Mazars’ Expertise: Leading Thai Organizations Forward

The forum featured presentations from Forvis Mazars’ team of experts, including Mr. Jonathan Fryer, Outsourcing Partner; Mr. Chatchawat Kriengsuntikul, Legal Partner; Mr. Jonathan Stuart-Smith, Tax Partner; Mr. Prasenjit Chakraborty, Financial Advisory Partner; and Ms. Tippawan Pumbansao, Audit Partner. Each expert provided insights into key global trends impacting Thai businesses, from regulatory changes to emerging technologies. 

Mr. Chatchawat Kriengsuntikul

Mr. Kriengsuntikul provided a legal perspective on Thailand’s evolving economic landscape. He highlighted trends such as the development of Thai-Chinese trade relations and the expected impact of the Draft Climate Change Act on greenhouse gas emissions and operational costs. He also discussed the Draft Electronic Transaction Act, which aims to modernize Thailand’s digital transaction laws. Mr. Kriengsuntikul underscored the importance of proactive tax planning to optimize expenses in a changing regulatory environment.

Mr. Jonathan Fryer

Mr. Fryer discussed the role of autonomous AI agents as the next technological frontier. He explained that AI-driven solutions are helping organizations reduce costs, streamline transaction processes, analyse financial data for critical decision-making, and capitalize on market trends, all of which can support effective business direction and growth.

Addressing Sustainability and ESG Reporting

Miss Tippawan Pumbansao (Middle)

Ms. Pumbansao spoke on the importance of environmental, social, and governance (ESG) reporting in adapting to climate change and resource scarcity. She noted that transparency in sustainability reporting is increasingly vital and must be done with the same rigour as financial audits to ensure credibility. “Compliance with new environmental policies is essential to remain competitive in both domestic and international markets,” she stated. ESG reporting is quickly becoming a key requirement for maintaining market trust and resilience.

Mr. Prasenjit Chakraborty

Mr. Chakraborty closed the session by reiterating Forvis Mazars’ commitment to guiding businesses through these challenges. "Forvis Mazars is dedicated to helping businesses navigate this complex environment," he said. "With our full range of services – financial advisory, tax planning, legal services, and sustainability reporting – we are here to support organizations in adapting and thriving amid change."

The forum was highly successful, with over 100 clients participating and sharing positive feedback about the event. We are grateful for their time and trust, and we hope they found valuable insights to strengthen and refine their business strategies.