Russian, Malaysian markets show promise for Thai SMEs

BANGKOK, Sep 11, 2020, NNT. The Office of SMEs Promotion (OSMEP) has highlighted Russia and Malaysia as promising markets for Thai SMEs due to strong export performance despite disruptions from COVID-19 pandemic, Pattaya Mail reported.

A seminar on business opportunities for Thai SMEs midst COVID-19 has been held at the OSMEP and Khon Kaen University’s E-Saan Center for Business and Economics Research ECBER. Russia, Malaysia, Myanmar, and Cambodia were listed as promising markets for Thai SMEs, with particular focus given to Russia and Malaysia.

OSMEP Deputy Director General Wimonkan Kosumas said today the value of Thai exports to Russia and Malaysia in the first seven months of this year declined only 4.63 percent year-on-year, with a total amount of some 87 billion baht, showing even more potential for Thai products.

As for the Russian market, Ms Wimonkan said young people in Russia tend to make their purchases online, with herbal products being the most popular, followed by electronics and gadgets, pet products, office supplies, construction supplies, home decor, food, books, perfume and cosmetics, as well as cars and parts. This presents opportunities for Thai businesses to feed in quality products from Thailand, which will need new packaging and product labeling in the local language.

For Malaysia, the OSMEP deputy chief said consumers now tend to purchase items at convenience stores and online, with pricing playing the greatest role in their purchasing decisions. Businesses will have to make sure their product pricing is competitive, and that they can deliver quality products to customers promptly. He added that Thai businesses that wish to enter the Malaysian market will have to find suitable transportation within their cost range.