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The ongoing pandemic of COVID19 gives us a lesson on the dark side of globalization. In the recent decades production had been outsourced to countries offering low labor cost, resulting in highly international production chains. As soon as the lockdown in Wuhan had started, a domino effect for global manufacturer began. The supply chain for companies around the world collapsed as certain parts vital to the production were not obtainable.
To avoid this dependency in the future, policy maker and marketer should think about new concepts that reduce the risk for Thailand and its economy to be affected by the next global crisis. Many multinational companies have started to consider bringing some production back to the country of origin or distribute production in several countries to become more self-reliant.
Thailand also has businesses that needs to consider this approach: the tourism sector. Traditionally, the Thai travel industry relies mainly on foreign tourists. In the future, marketers may need to focus more on domestic tourists.
We must rely more on ourselves and increase the stability of our public health, food, and agricultural sectors – few of Thailand’s biggest strengths.