LINE Thailand hosted ‘CEO Talk’ discussing the rising of Asia and the economic changes that the COVID-19 pandemic has brought. Held under the theme “Rising Asia: A New World Order”, the discussion was joined by Mr. Oliver Tonby, the Chairman of McKinsey & Company’s (Asia), and Dr. Phichet Rerkpreecha, CEO of LINE Thailand. Mr. Oliver shared his views on Asia’s growth directions that are governed by the increase in population and the quick adoption of technology. Dr. Phichet, meanwhile, voiced his opinions on the ways for Thai businesses to survive by using clear digital strategies and collaborations within the private sector.
Mr. Oliver Tonby, the Chairman of McKinsey & Company’s (Asia), stated during the LINE THAILAND BUSINESS 2020: Exclusive CEO Talk that “the economic crisis stemming from the COVID-19 pandemic is detrimental to all nations. However, in the midst of every crisis, lies great opportunity. The coronavirus pandemic has become an acceleration in the development of various aspects, such as the leaping growth of e-commerce during these difficult times, right alongside the contactless payment, as well as education. For so long, we talked about the term ‘e-learning’, the practice that never really took off. But now, we all have to take classes over the internet. All of these situations demonstrate the advantages for organizations that have prepared or already adopted digital technology over those that did not.”
Despite various crises, several factors - such as the increasing population and the quick adoption of technology - contributed to the Asian region’s continuous growth. More investments will occur in the region, as more than half of the consumption in the world happens in Asia, transforming the Globalization trend into Regionalization. Mr. Oliver also gave business operators advice, saying that “it is crucial for businesses to have (1) speed, in understanding ever-changing consumer behaviors, and in making decisions regarding necessary corporate changes, (2) business partnership that complement each other’s strengths - in the time when startups are on the rise, this is something large corporations should not ignore -, and (3) to be resilient to the changes. When facing the unknown, it is crucial that we must be able to adapt and quickly at that.”
Meanwhile, Dr. Phichet Rerkpreecha, CEO of LINE Thailand, voiced his opinion on Thailand, saying that “Thailand is significantly better at managing COVID-19 than many countries, which means Thailand was able to save tremendous cost, particularly medical expenses. However, the COVID-19 pandemic greatly affected Thailand’s economy which depends on exports and tourism. Nonetheless, there are a number of businesses that are able to thrive, despite the difficulty. It is notable that these businesses were able to use technology to support their operations. Hence, organizations should consider two important factors (1) having a clear digital strategy, in order to ensure smooth operations, and (2) having allies to move their businesses forward together that also can work under the digital strategy of the company. It is important for business operators to have a deep understanding of consumer behaviors as well as digital tools that can reach and satisfy their clients.”
Dr. Phichet said that at the present, it is the right time to reassess Thailand’s strengths and implement technology to further enhance those advantages and help businesses, such as those in the industries of healthcare, food, agriculture, and transportation. LINE - as a leading technology company in Asia that understands businesses and consumer behaviors in Thailand, as well as a deep comprehension about the nation - is ready to be a reliable partner in building new forms of economic infrastructure that ensures business survivability in the future.
CEO Talk under the theme “Rising Asia: A New World Order” was part of the “LINE THAILAND BUSINESS 2020” event, which saw CEOs from leading companies from various industries discussing business opportunities post-COVID-19 era, in order to help business operators, prepare for a new World Order and drive Thai businesses forward using digital technology. The event was held at Waldorf Astoria Bangkok, with CEOs from more than 20 leading companies.
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