5 Benefits of Doing Business in Thailand
If you are looking at Asia for your next business, the South East Asian kingdom of Thailand could be your best option. Thailand’s vibrant culture and sandy beaches make for a robust tourist industry. Establishing a business in Thailand could offer you numerous advantages – some of which we will be discussing here.
Benefits of Doing Business in Thailand:
1) A welcoming economy:
Thai society – particularly the entrepreneurial community – is extremely receptive to foreign companies wishing to establish operations locally. You will find that the Thai system and infrastructure are ready for you and your company to help you hit the ground running.
2) Diversified manufacturing sector:
Thailand has a big and extremely dynamic manufacturing sector that produces a wide range of goods such as jewelry, furniture, rubber, fish products, and toys. This robustness in the FMCG and manufacturing departments has enabled Thailand to be a leader in commerce and trade within the region.
3) Pro-active policies:
The government of Thailand is highly innovative and forward-thinking in its approach and is keen to promote socioeconomic advancement and development. Foreign investment – both in terms of financial and human capital – is very much welcome in Thailand. Over the past two decades or so, the authorities have worked towards making the country’s environment more favorable for foreign organizations and businesses.
4) A large, cost-efficient, and adaptable workforce:
Thailand boasts not just a large but also a highly versatile workforce. As per the country’s BOI (Board of Investment), 94% of all males and 90% of all females in Thailand are literate. This means that any foreign investor will be able to benefit from a large pool of skilled and educated workforce that can be further trained and developed. Alongside being flexible and educated, Thailand’s workforce is also known for its cost-effectiveness compared to their Western counterparts; the average daily pay in Bangkok is approximately 433 THB – the equivalent of 13.5 US$.
5) Robust corporate governance:
Thailand is renowned for leading the way in terms of corporate governance. It has applied similar principles and regulations within the public sector with the purpose of enhancing accountability and transparency.
According to the 11 markets in Asia that were ranked in the report published by the ACGA (Asia Corporate Governance Association), Thailand was placed fourth – a remarkable achievement, considering their location and size.
Alongside the rapid development Thailand is enjoying, it has the advantages of being an amiable, hospitable, competent culture steeped in history. If you want to learn more about starting a business in Thailand, please reach out to us.