Thailand has one of the strongest economies in South East Asia and it continues to attract more and more international companies every year. Many entrepreneurs and business people have decided to expand their operations into the kingdom. If you have done your research you will know that Thailand is a great country to do business, mainly due to its geographic location. But what else makes it a good choice?
One of the main reasons why so many foreign investors choose Thailand is because of its strategic location. If you are planning on setting up a business in Bangkok, you will benefit greatly from its position in Asia. It has one of the largest growing economic markets in the world, and it is conveniently located close to prosperous countries such as Singapore, India, and China.
It also offers convenient trade with these countries as it is part of the newly formed Association of South East Asian Nations or ASEAN for short. Thailand is active in the formation and development of ASEAN free trade areas. This is good news for any company wishing to expand their operations in the region.
Climbing the Charts
Although Thailand is not as high as some countries in the region when it comes to ease of doing business, it continues to climb every year. Out of close to 200 countries surveyed, Thailand was in the top 25 for its ease of doing business for foreign investors. It has shown progress and has gradually moved up a few places year on year.
The Thai government recognises the importance of attracting foreign direct investment, that is why each year it puts steps in place to make the process of formation and registration easier.
The country continues to grow, and its economic forecast is positive. The economy is characterised by strong exports, steady growth, and a dynamic domestic market. It also has a skilled workforce at affordable rates. Thailand continues to perform well in a range of areas, it is ranked in the top 20th for agricultural output and manufacturing. Its GDP has grown substantially over the last few years, growing at a rate of just over 4% per annum since 2018.
This is an important factor if you are going to start a new business. Thailand has a great highway system that connects every province in the country. In addition, their road system also connects to neighbouring countries such as Laos, Cambodia, Burma, and Malaysia.
It offers seven prominent international airports and the capital has a sprawling mass transit system that continues to develop outwards into the suburbs. It also promotes and develops integrated infrastructure strategies to include land, sea, and air.
As you can see, there are many good reasons to set up a company in Thailand. It has excellent health care and education, and contacts with long established and newly emerging industries. Foreigners who wish to start up a business will benefit from hiring a consultant. There are many hurdles to overcome, so it is recommended to work with a professional advisor.