Nang Kwak, a popular character in Thai mythology, is a female goddess considered a good-luck charm by merchants in Thailand. Like Nang Kwak, women in Thailand play a significant part in Thai business; accounting for more than 40% of small and medium-sized enterprises ( SMEs).
In Thailand, women perform high in most industry’s fields and corporate management; according to a new study by Grant Thornton International. Females occupy more than 33 percent of the top management positions in Thai firms; which is higher than the Asian norm (21 percent) and more than double the global average (15 percent).
That doesn’t come as a surprise, considering that women continue to excel in business in Thailand. Most family corporations worldwide are run by women and the country ranks fifth in women’s admission to higher education.
As a result, a mix of cultural awareness, incentives, and employment gives women a strategic edge in business. It also reveals that taking advantage of the potential of Thai women will unlock the country’s growth potential.
Nevertheless, despite women’s empowerment in the country’s boardrooms and corporate offices; the funding deficit for women-owned small and medium-sized enterprises ( SMEs) is projected at US$ 25 billion (760.8 billion baht); accounting for 61% of Thailand ‘s total micro and SME finance shortfall.
Thailand ‘s economic growth has been strong over the last three decades but has declined in comparison with the rate of the early 1990s. In order to turn the world into a developed economy by 2027, a more sustainable development model is needed; — one that will ensure the expanded inclusion of women in the nation’s economy.
Tapping into the maximum potential of both women and men is key to a bigger talent pool, stronger performance, and productivity, higher profits, better reputation, and commitment to innovation in any country.
Women’s involvement in the global labor market remains nearly 27 percentage points smaller than for men. Yet, if women were to take part around the same rate as men, the global economic output could enhance by as much as $28 trillion by 2025.
In order to resolve these obstacles and harness this untapped opportunity, banks in Thailand need to look beyond conventional banking approaches and consider alternative distribution mechanisms that appeal directly to the needs of women entrepreneurs.
Evidence suggests that women entrepreneurs are more likely than men to spend their profits in family health and education, build new opportunities and programs for families, and support local economies.
Within this context, investing in females is not a social and moral obligation, but makes good business sense. A growing body of global research suggests that gender diversity helps businesses boost results, accelerate innovation, encourage investment, and achieve a competitive edge.
Reference: https://www.bangkokpost.com/opinion/opinion/1772999/women-entrepreneurs-key-to-thai-growth-story
