Business Opportunities in Thailand
Thailand has one of the most dynamic and stable economies in the Asia and offer many business opportunities. Despite natural disasters and political disturbance in the past few years, historically Thailand has proven to bounce back very quickly with it’s own momentum. So, a lot of foreigners not only prefer to do business in Thailand, but actually succeed in doing good business in Thailand.
Thai Business – Bounced back every time when there was a crisis
The national economic and social development (NESDB) reported that Thai Economy in the second quarter of 2013 expanded by 2.8 percent compared to the growth rate of 5.4 percent in the first quarter. The expansion was supported by hotels and restaurants, real estate, wholesale and retail, and financial sectors.
The Asean population of 617 million makes it larger than EU ( 504m) and almost double that of US (314m). Business opportunities and operations highly depend on technology advancement in the infrastructure and nothing is better than the massive growth of Internet usage. As per Accenture social report, internet penetration was about 25% of world population in 2010 but it is estimated to reach 360m in 2020, a phenomenal growth to occupy 62% of the global population. Major business opportunities lies in the Hospitality, Tourism, Real Estate, Retail, Manufacturing, Technology and Communications. Thailand’s retail sector provides dynamic opportunities with the purchasing power lying with the 12 million people in the middle class category.
Thailand – Within top 25 countries in the world to do Business
Source : IMF. World Economic Outlook Database, Oct 2012
Why should you consider setting up business in Thailand
As an investor and a business owner, it surely adds value to consider Thailand as your next possible Asian startup venture, because of it’s substantial market base opportunities and economy.
- Thailand is ranked 24th amongst the top global countries for doing business.
- It is the 10th biggest car manufacturer base in the world.
- It is the regional hub for Automotive, Electronics, Consumer goods and processed food.
- Thailand’s retail sector provides dynamic opportunities with the purchasing power lying with the 12 million people in the middle class category.
The size of the work force in Thailand is over 40 million with majority of the workforce falling under 35 years of age. Presently the minimum wage of Thai labors is slated as Baht 300 per day. Though the labour cost is not the lowest in the region, but is considered amongst the most cost-efficient one. Thai workers have earned a good reputation for diligence. More information about Thai labour laws can be found under labour laws in legal assistance.
Starting a business in Thailand often revolves around buying a business for sale in thailand, opening a branch office, appointing a thailand representative or a buying agent in thailand. As startup consulting specialists we provide end to end startup consulting services including thailand market research and business development in asia.
Check out our industry domains section where you would find the different recommended Thailand market entry industries that offer vast business opportunities in Thailand.
If you have already decided to Startup a new company in Thailand, or expand your existing business to Thailand, but you are not sure the way to go, check out our FREE online startup consultancy and also earn a free ebook as your helping guide for doing business in Asia.