Thailand’s economy is one of the fastest-growing in Southeast Asia, and it has made significant contributions to the world economy. It is a fast emerging country with the goal of becoming a high-income economy by 2037. So, if you’re a foreigner looking to start a business in Thailand, this post will help you.
Thailand’s rapid economic development is evident from the country’s diverse industry. Thailand is quickly becoming a regional powerhouse for numerous industries, from manufacturing to service. Every field has industries where you can pursue your passions and expand your network.
Successful and Emerging Industries of Thailand
Thailand’s economy is growing in an exponential rate. However, this growth in the markets is due to local company growth as well as foreign company investments in the country. This is owing to the moderate taxes and business-friendly atmosphere in the country.
Tourism, agriculture, export, and electronics are among Thailand’s many businesses that contribute significantly to the country’s economic prosperity.
Tourism Industry
One of the key drivers of economic growth in Thailand, accounting for around 15% of the country’s GDP is the Tourism Industry. Despite the recent slump, Thailand remains one of the most popular tourist destinations. Thailand’s continued success in this industry is due to a variety of factors.
The main factors heavily influencing this growth are:
- Policies around tourism that are well planned and executed,
- The infrastructure supporting tourism activities, and,
- The natural environment and culture are perfectly suitable for tourism.
Thailand has put in place plans to enhance the country and attract visitors from all over the world. These laws have been put in place to ensure that a tourist’s visit to Thailand is pleasant and pleasurable.
Thailand has made every effort to make visitors feel as welcome and calm as possible, from enhancing tourist sites and infrastructure to providing excellent hospitality. Thailand has also ensured that the infrastructure is enough to accommodate the annual influx of tourists. Airports and other modes of transportation have been built in such a way that they are both accessible and user-friendly.
Last but not least, Thailand’s natural beauty is a major reason why tourists continue to flock to the country. Beautiful beaches, attractive mountains, and a mild temperature draw a large number of visitors. Furthermore, the country’s attractiveness is enhanced by the people’s hospitality, historical landmarks, and cuisine.
Agriculture & Farming
Agriculture is extremely important in Thailand’s economy. The industry accounts for around ten percent of the country’s GDP. Thailand’s agricultural exports are of high-grades and contribute a large amount of market share in the economy. Moreover, this is possible as still, 30% of the population is dependent on agriculture as their source of livelihood.
However, the business is experiencing certain setbacks as a result of climate change and natural calamities. The government has launched a 20-year National Strategy to combat this and assure long-term growth. This plan strives for long-term development that will result in the industry’s methodical expansion.
The country also works on improving the quality of life for farmers and ensuring that natural resources are balanced and sustainable under this plan. The agriculture industry practices and abilities are evolving as a result of increased knowledge of climate change and global warming. The use of technology in agriculture has moved the country forward and increased its profitability in the industry.
Export Industry
Thailand will have a $20.4 billion trade surplus in 2022. While there is a fall in the country’s net exports, its activities inside Asia outnumber its exports to North America. Thailand’s latest exports were 71 percent, with 61.6 percent going to neighboring Asian countries and 16.6 percent going to North American importers.
Vehicles, electronics, plastic, rubber, meat/seafood, medical gear, fruits, mineral fuels, diamonds, and precious metals are among Thailand’s biggest exports. Gems and precious metals are among the fastest-growing exports, with sales increasing by 14.9 percent.
There is a surge in Thailand’s export of gems and precious metals since the beginning of 2019 when there was rise in worldwide gold sales. Although, there is a slowdown in Thailand’s growth in this industry since the outbreak of the pandemic, it remains an important resource exporter around the world.
The Bottomline
This article must have been able to create a clear conception of the Thai market. This will help you take proper decisions about the nature of business you wish to start in Thailand. Apart from these 3 industries, other industries have suffered a substantial setback due to COVID-19. Therefore, before you leap into any decision to start a business in Thailand, it is better that you do proper market research on that.
For any type of legal and accounting help for business registration in Thailand, email us at [email protected]. Operating for more than a decade, we will be able to guide and assist you throughout the process of starting a business in Thailand.
