As ASEAN’s GDP is projected to reach an estimated $4.5 trillion by 2030, propelling the region to become the fourth largest economic powerhouse, Sasin hosted an exclusive talk on “Building a Successful Business in Southeast Asia,” featuring Sasin’s alumni, who are leading executives in the region, sharing their insights on how future leaders and organizations can thrive in this dynamic environment. “Sasin recognizes the importance of supporting the community, providing thought leadership in the region, and engaging with governments, students, and stakeholders across Southeast Asia to ensure the region’s growth and resilience in the face of future challenges,” said Dibyendu Bose, Sasin Deputy Director of Strategy, Innovation & Impact. The panel discussion included expert insights from Thailand’s business leaders, including Subhasakdi Krishnamra, Country Managing Partner at Deloitte Thailand and Advisory Board Member of Sasin; Charn Srivikorn, Chairman and Director of Gaysorn Property (Sasin MBA 1984); Somhatai Panichewa, Chief Executive Officer of Amata VN (Sasin EMBA 1994); and Kirana Limpaphayom, Chief Operating Officer of Banpu (Sasin EMBA 2006). Dr. Pinnaree Tea-makorn, Sasin AI Strategist, also presented ‘How AI is Transforming the Business World’ at the end of the panel discussion. Subhasakdi Krishnamra, Country Managing Partner at Deloitte Thailand and Advisory Board Member of Sasin, emphasized that integrating the best business practices from Southeast Asia can significantly strengthen the region. He noted that Deloitte has reorganized its operations to better serve clients at the forefront, with a vision not only to grow in Thailand but also to deploy talent across Southeast Asia. Additionally, the company is focused on developing its employees’ skillsets to become experts in working within the region. “What can be accomplished in one country in terms of knowledge and expertise can often be transferred to another,” he said, adding that cultural sensitivities are an important part of operating in Southeast Asia. “From a firm’s perspective, we need to avoid a one-size-fits-all approach. We must ensure that the brand addresses the specific cultural needs of each region and that our business strategy is aligned across Southeast Asia,” said Subhasakdi. Also, when dealing with a crisis like COVID-19, he believes that critical mass and having the ‘feet on the ground’ rooted in geography is crucial in effectively serving clients. Charn Srivikorn, Chairman and Director of Gaysorn Property (Sasin MBA 1984), said that businesses should focus on customer centricity, differentiation, and preparing workers’ skill sets for the future. He stressed the importance of creating accessible and customer-centric experiences. He highlighted key principles (VIP) for business success including:

1. Value Innovation: Develop innovative approaches to add value.
2. Integrity: Uphold strong ethical standards.
3. People: Foster partnerships and professionalism.

In addition, Charn emphasized that businesses must embrace future possibilities, remain agile, and be accountable: To build future-ready competencies, businesses need to adapt to dynamic environments, deeply understand their customers, and engage effectively with people. This involves engineering products that make a difference, redesigning based on feedback, and continuously evolving the skillsets of employees. Respecting cultural nuances and fostering strong people partnerships are essential for long-term success and adaptability. Somhatai Panichewa, Chief Executive Officer of Amata VN (Sasin EMBA 1994), emphasized that ownership, relationship building, and a sense of pride are crucial for success in Southeast Asia. Somhatai noted that the CLMV countries (Cambodia, Laos, Myanmar, and Vietnam) are increasingly seen as a unified region, with their low GDP per capita attracting international factories. She emphasized the benefits of these markets, including affordable manufacturing costs, labor, and tax incentives, as part of their strategy to expand into these countries and foster smart city developments. However, she acknowledged the challenges of doing business in different political environments. In Vietnam, for instance, the process differs significantly from Thailand. In communist countries, business must navigate government regulations and build strong relationships with officials. Somhatai described the importance of understanding and adapting to these systems, including handling documentation and persuading government support. She shared insights on managing local labor forces, emphasizing the need to build friendships rather than adopting a strictly professional attitude. Personal connections, including understanding their families and integrating them into the company culture, are essential for fostering a positive working environment. Despite the challenges, she has succeeded in creating jobs and developing business in Vietnam. She stressed the importance of inspiring pride in local products, which can lead to greater revenue and growth. She recounted an instance where management suggested changing the product offering to residential projects to boost revenue, illustrating the importance of flexibility and innovation. She also encouraged Thais to be more open and share their best business practices with other countries, rather than keeping them “confidential.” Kirana Limpaphayom, Chief Operating Officer at Banpu (EMBA 2006), shared insights into the company’s operations, focusing on its significant presence in Indonesia, where they have the largest operations. He mentioned that Banpu is the biggest shale gas producer and a leader in carbon storage in the U.S., while also operating coal mines and power plants in China and Southeast Asia. In the first half of the company’s home year, Banpu generated approximately 3 billion U.S. dollars in revenue, with over half of that coming from its operations in Indonesia, which serves as base. Moving forward, Banpu has decided to cease investments in coal, redirecting its focus towards expanding green energy initiatives like solar and wind power. The company had previously ventured into shale gas in the U.S. in 2005. Although currently around 60 percent of Banpu’s business remains tied to coal, the company aims to reduce this to below 30 percent within the next six years. When asked about expanding the business, Kirana emphasized the importance of cultural awareness. “Even though we are the shareholders, we can’t just do what we want; we must respect local customs and practices,” he said. “We are one of the top five coal producers, but now we’ve shifted our focus to Banpu Next, which is all about green technology, including EV cars and MuvMi’s electric tuk-tuks.” He also stressed the importance of language skills in understanding culture. “At 50, I had to learn Indonesian Bahasa. If you don’t understand the language, at least conversationally, you won’t fully grasp the culture.” Regarding satisfying future generations, Kirana pointed out that young people are increasingly vouching for green businesses. “We need to forget about what we’ve been doing for the past thirty years and learn again. It’s about unlearning old practices and starting fresh,” he said. Charn added that networking and the concept of families are crucial to success in Southeast Asia, as they foster rapport, trust, and a supportive environment. He noted that the Sasin Connect+ Executive MBA program facilitates networking and the sharing of best business practices. Sasin’s collaboration with institutions like INSEAD and Kellogg emphasizes the importance of building long-term relationships, fostering business acumen and knowledge sharing. This approach focuses on pursuing success beyond mere corporate achievements, emphasizing key strengths and creating a trust-based environment that encourages connectivity and safety.