The Thail security and fire safety industry provides a wealth of opportunity and there is no better time than now to explore the new landscape after the country’s recent repositioning.
With beautiful beaches, hospitable people, and delicious food, it is no wonder that Thailand is a top destination for tourists. With a new prime minister and government installed, stability and growth looks to be in Thailand's future.
In early October, the cabinet approved a US$93 billion infrastructure development budget to help jumpstart the economy. Additionally, the government plans to speed up approvals for 380 projects worth $13.2 billion. Additionally, approved foreign direct investment applications swelled to roughly $2 billion in August, according to the Board of Investment. Compared to the measly $308.6 million monthly average from the period of January to May, it is obvious that the new government is determined to see Thailand through the mist of uncertainty.
Renewed Hope
The general consensus regarding the change in leadership in May was positive. Somchai Prajaksoot, MD of Digital Focus explained, “After the coup, the political situation is stable and the economic outlook is better. The security industries have still increased.” Optimism that the new government will invigorate the economy has good implications for the security industry, with new projects being launched to create a safer Thailand.
Projects Lead the Way
Every project will be under review by the new government, and if the price is too high, an auction will be held, which will shake the whole market. However, the general belief is that the new government will pursue what the previous governments have left undone. “Since the majority of the spending has to come from the government sector, in order to help drive the economy, I see no reason why there will be any negative impact,” said Johnny Trivitayakhun, MD at Security Communication Center. “On the contrary, I believe that the current government is truly aware of how to best drive the economy, bringing peace and stability to Thailand.” He particularly pointed out transportation, city surveillance, and administration buildings as areas with opportunities for projects.
In terms of commercial projects, opinions within the industry differ. “Many big projects have been announced. After the coup, the commercial sector invested nearly US$1.5 billion in commercial projects including big groups of condos, department stores, and large buildings,” said Tanakrit Rojanasiraprapa, MD of Bacom Internetwork. Trivitayakhun noted, “Commercial projects which were put on hold as a result of the coup will eventually resume towards early next year.”
City Surveillance
With an increased awareness of security, the Tai government is planning multiple large-scale projects. Thailand will install more video surveillance cameras and access doors due to upcoming government projects, such as airport and railways. In Bangkok alone, 30,000 more cameras were installed in 2013, bringing the total number to 40,000 cameras in the nation's capital.
Recently, to mitigate train robberies, security on-board night sleeper trains has been strengthened by policemen patrolling the train from midnight to 5pm and the State Railway of Thailand (SRT) will start installing surveillance cameras on trains, according to SRT.
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