Speaking at the "Thailand-Myanmar Trade Investment Relations in the Age of AEC" seminar, Michael Lim, chairman of Today Group Myanmar said enterprises should understand Myanmar people's behavior before selling their products in the market. In his view, Myanmar citizens are loyal to brands, and especially to products
Speaking at the "Thailand-Myanmar Trade Investment Relations in the Age of AEC" seminar, Michael Lim, chairman of Today Group Myanmar said enterprises should understand Myanmar people's behavior before selling their products in the market.
In his view, Myanmar citizens are loyal to brands, and especially to products from Thailand, therefore Thai SMEs need to build up brand efficiency before penetrating the market.
He suggested to SME members of the audience that they should find reliable local partners for distribution, rather than relying on border traders or cronies close to those with influence among the military, as proper distributors in Myanmar can access more consumers, which helps generate healthy revenue for Thai businesses.
Apart from brands and strong distribution partners, Thai producers should maintain prices and quality in order to ensure sustainability in Myanmar, he added.
Lim also recommended that SMEs wanting to do business in Myanmar should have good logistics and public relations, and should understand what kind of media best access Myanmar consumers. Social media has become increasingly powerful in communicating with local consumers, he said.
Manop Sangiambut, executive vice president and head of International Banking Business at Siam Commercial Bank (SCB), said that although Myanmar is a potential market for Thai operators, there are risks involved, too. Enterprises should have strategies in place to achieve their business goals, while at the same developing tactics to defend against inherent risk.
SCB, which has a representative office in Myanmar, sees consumer products and hotels as the first two opportunity businesses for Thai operators in the country.