The Thai economy grew slightly in 2016 to about 3.3% per annum. Tourism improved, exports increased slightly, consumers spending and private sector investment remained sluggish. Government had been thorough but slow in implementing major infrastructure projects and they had to step in to spend more money whenever the economy sag.
The Thai economy remains sound. Current account remains in surplus, partly because of the low oil prices and increase in tourism; international foreign exchange reserves is more than total foreign debts and also one of the highest in the world measured in term of per person; government debts and corporate debts are not high and manageable.
The basic issue is inequality of income and opportunity that resulted from the educated and well positioned benefiting from economic and technological growth but the mass struggling to cope. Successive Thai governments invested heavily in education, social welfare and services but the benefits have been limited. Most agreed of the need for bureaucracy transformation and reduction of state owned enterprises. There had been many thoughtful studies and attempts were made but results also limited.
The company existed the e-commerce business in 2016 and focused on putting its house in order and turn the loss in its warehousing business into a profit. The document storage business expanded steadily and was able to retire the borrowing for the new storage warehouse. We are now adding more racking to add new capacity.
We are custodians for our clients' valuables. Our business is to look after the assets entrusted to us. Reliability and trustworthiness are therefore our most important values, together with attentiveness to our customers' needs and our capability and willingness to learn, to improve and to better our productivity and services. Also we need to work as a team and build a community, a place of work where everyone enjoy working and helping each other.
On behalf of the board of directors I would like to thank our shareholders for their unstinting support; our customers for their trust and co-operation; our staffs for their loyalty, willingness to learn and improve.
(Mr.Chote Sophonpanich )