Thailand urged to up the ante on cosmetics research

There are many opportunities for both international as well as domestic companies in Thailand's vibrant market, which values new and innovative products.

However, the Thai government has been called on to invest more money and support in research and development; an area that is lacking despite the market offering great promise for domestic and international players.

The Kingdom initially aimed to be 'the medical hub of Asia' five years ago but the deadline has been pushed back as 'clearer policy and direction' is needed.

"In terms of the quality of doctors and medical development, Thailand is ranked just behind Japan. Our prolonged and biggest problem is the lack of new research and development​," president of the Private Hospital Association, Pongpat Patanavanich told regional publication, The Nation.

Thailand considered the gateway to ASEAN's markets​

Japan’s small and medium-sized enterprises have recently started to regard Thailand as the hub of ASEAN’s markets due to its rising economic growth as well as supply-chain industries.

In 2014, the Ministry of Thailand reported more than 10 Japanese SMEs from cosmetics, pharmaceutical and food industries to have partnered up with a local business or to have planted roots in the country.

According to industry representative Chakramon Phasukavanich, the Japanese government is looking at revising the Japan-Thailand Economic Partnership Agreement, and wants at least 10,000 SMEs to begin operating abroad over the next three years because of the country's economic-growth slowdown.

"To facilitate investment, the ministry is aiming ​​to match 500 SMEs with ​​Thai partners," ​he told The China Post.

A recent reduction in import duties in Thailand is believed to be attracting more foreign shoppers, as well as increasing domestic spending on cosmetics.

As a result, the Authority is planning to improve cross-border trade, and is eyeing a series of initiatives which will ideally give more funding to border activities and provide greater convenience for multi-country transactions.