The Stock Exchange of Thailand (SET) and Thailand Productivity Institute, under the Ministry of Industry, have announced that they have jointly signed a memorandum of understanding (MoU) to enhance small and medium-sized listed companies’ knowledge in process innovation to create valuation and business opportunities toward sustainable growth.
SET Senior Executive Vice President Krisada Sektrakul said that innovation has been playing a pivotal role in driving business. The pace of innovation is creating huge changes in consumer behaviors, resulting in increasing numbers of emerging business models. According to the latest statistics, only 34 percent of small and medium-sized listed companies have made used of process innovation. Under this MoU, Thailand Productivity Institute, equipped with innovation expertise, will help raise awareness of small and medium-sized listed companies in applying innovations to move their businesses forward, putting it into practices as such creating business valuation for robust growth and long-term sustainability.
Thailand Productivity Institute Executive Director Phanit Laosirirat said that the institute plays a great role in improving the country’s productivity and competitiveness. It specializes in providing knowledge and advice to business sector. With the collaboration, this MoU will build listed companies’ awareness of leveraging innovations to drive business in terms of products, services, and management process, aiming at upgrading productivity, standards, and highlighting on innovations to widen opportunities and boost competitive advantages for sustainable growth and value creation in the long run.
Both organizations will jointly launch activities to enhance and provide listed companies insights into innovations. In 2018, a pilot project will focus on the process of innovations among 50 small and mid-scale listed companies, aiming at sharpening Thai companies’ competitive edge in reaching international standards, encouraging sustainable growth and preparing companies for being component stocks in Thailand sustainability index “SET THSI Index”.