By Richa Chakravarty
Advance Technologies, a prime supplier of printed circuit boards (PCB) and membrane key boards, has entered into an alliance with Synergy Technology Company Ltd (STCL). This strategic move binds both the companies to a five year MoU, which aims at exploring larger global markets. Based in Thailand, STCL, through its huge business contacts will provide a global platform, which will help both the companies garner mutual benefits of better access to markets and a wider clientele.
MoU open to changes
Since the Indian market is new to STCL and the Thai market to Advance Technologies, the MoU signed is open to changes. As the companies are at the stage of exploring individual markets and their rich client base, they are optimistic that the deal will help them get large scale benefits. Under the terms of the MoU signed, Advance Technologies will be sharing STCL’s client base and will export its products to STCL. “We were always keen on expanding our overseas market, and in participating in the Bangkok International Trade and Exhibition Centre (BITEC). This MOU has given us the opportunity to explore the Thai market, and offers us immense exposure to global clients. Since the Thai market is projected to witness growth, we are optimistic that this business alliance with STCL will bear positive results. We have, in fact, started receiving good enquiries,” informs Amit Agarwal, director, Advance Technologies.
On the other hand, STCL can explore the Indian markets. Being a prominent supplier, Advance Technologies has the distributorship of big firms like Shogini Technoarts, which will also benefit STCL.
Biggies eyeing Thai market
Electronics component production in Thailand, after declining modestly over the last couple of years, recovered in 2010, posting a growth of 13.6 per cent. In particular, Thailand’s consumer electronics device market, defined as the addressable market for computing devices, mobile handsets and AV products, stood at US$ 6.8 billion in 2010. This is expected to increase at a compound annual growth rate (CAGR) of about 13 per cent to US$ 10.9 billion by 2014. This has been a driving force for major electronics biggies to eye the electronics market in Thailand.
“At present, STCL is helping us to book orders from various Thai customers, and we are supporting it by sending PCBs, membrane key boards and other electronics components through our company or directly from the Indian manufacturers,” adds Amit Agarwal. Both Advance Technologies and STCL aim to adapt their marketing strategy, based on the changing markets and to face the stiff competition from China and Japan.