Bangkok: The Stock Exchange of Thailand (SET) is organizing a significant family business seminar aimed at reshaping the future of family businesses for sustainable growth, challenging the belief that these enterprises cannot survive beyond three generations. Professor Emeritus Kitipong Urapipatanapong, Chairman of the SET, emphasized the commitment of the Stock Exchange of Thailand and its partners to support and develop Thai family businesses into key drivers of the Thai capital market and economy.
According to Thai News Agency, family businesses are at a critical junction amidst economic and social shifts and the transition to the AI era. Over the past three years, the SET has spearheaded the SET Annual Conference on Family Business, while also launching various initiatives in collaboration with different sectors to aid family businesses in their adaptation and sustainable development. One notable project is the Research Grant Program, encouraging high-quality research on Thai family businesses and their link to the economy. This program has seen over 30 research proposals, with six finalized for publication by the year's end. Additionally, the SET has developed a database of listed family businesses on the Thai stock market, serving as a valuable research resource.
The Family Business Thailand project, in partnership with several organizations, aims to enhance management capabilities of family businesses by providing knowledge in business management, marketing, and technology. The Family Business Classroom Project on the LiVE Platform further supports these enterprises by offering over 180 courses in various formats, benefiting over 10,000 participants.
Looking ahead, the SET remains dedicated to being a "home of opportunity" for Thai family businesses, collaborating with all sectors to ensure their sustainability. The focus is on fostering sustainable growth and dispelling the myth that family businesses cannot endure beyond three generations.
The seminar outlines eight guidelines to help Thai family businesses transition into the AI era for sustainable growth. These include assessing organizational readiness for AI, analyzing opportunities and risks, fostering a culture of innovation, empowering new generations, decentralizing decision-making, investing in people and technology, managing risks and ethics, and continuously measuring and improving AI implementation. These guidelines aim to equip family businesses with the tools needed to thrive in a rapidly changing technological landscape.
The SET Chairman also highlighted the significant role of family businesses in the Thai stock market over the past three years. Family businesses have utilized the market to raise capital, achieving an average asset growth of 9% per year and accounting for 55% of total market assets. Revenue and profit figures also indicate the substantial contribution of family businesses, with employment averaging 1.4 million positions, representing 74% of total employment in listed companies.
The data underscores the importance of family businesses in the Thai capital market, illustrating the benefits of being listed on the stock exchange and their critical role in driving economic growth.