Thailand
Thailand
Thailand is an open, middle-income economy that relies heavily on exports and tourism. Its export-oriented manufacturing sector, particularly in electronics and automotive, has been a major driver of economic growth.
Booming tourism industry
Thailand is renowned for its vibrant and diverse culture, its enchanting mix of ancient temples, bustling markets and warm hospitality has firmly established it as a top global tourism destination.
Large Export market
Leverage Thailand's well-established supply chains and trade agreements for exports to major global economies such as China, Japan and the USA. Its 14 free trade agreements with 18 countries.
Pro-investment reforms
Tap opportunities in the manufacturing landscape as the Thai government pushes for new investments and incentives in its 12 S-Curve industries, including automotive, electronics, and food.
Economic statistics
US$6.909
GDP per capita (2022)
The World Bank
2.1%
Foreign direct investment, net inflows (2022)
The World Bank
33th
Global Competitiveness Index (2022)
Institute for Management Development
About this market
71.7M
Population (2022)
The World Bank
US$495.34b
GDP (2022)
The World Bank
2.6%
GDP growth (2022)
The World Bank
Key opportunities
Thailand has seen substantial growth in its startup ecosystem, with a vibrant community of entrepreneurs, incubators, and accelerators. It offers a relatively business-friendly environment with simplified regulations for foreign investments and company setups.The Thai government actively supports innovation and entrepreneurship. Various incentives, tax breaks, and grants are available to promote R&D and technology adoption.
Overall, Thailand presents a dynamic environment for innovation and business growth. Overseas companies should explore collaborations with local startups, establish a presence in the market, and leverage government incentives to tap into the country’s evolving landscape and gain a competitive edge in the region.
Thailand’s healthcare sector offers numerous opportunities for overseas companies due to the country’s rapidly growing aging population and government initiatives to improve healthcare infrastructure. The government’s Thailand 4.0 policy has prioritized the development of the healthcare industry, including digital health, medical tourism, and pharmaceutical manufacturing.
Thailand’s regulatory system is also becoming more transparent and efficient, making it easier for foreign companies to enter the market. Additionally, the country’s strategic location provides access to neighboring countries in Southeast Asia, offering a gateway to a wider market.
Thailand’s strategic location and its access to ASEAN (Association of Southeast Asian Nations) markets offer several benefits to incoming overseas companies including large consumer base, trade and investment hub, cost-effective expansion, multilingual workforce, stable business environment, high growth potential, investment incentives etc.,
Thailand’s access to ASEAN markets offers overseas companies a strategic and cost-effective way to tap into the vast and diverse consumer base across Southeast Asia. The country’s well-established infrastructure, stable business environment, and investment incentives make it a valuable regional base for expansion and trade across the ASEAN region.
Thailand has set a goal to achieve carbon neutrality by 2050 through various initiatives such as increasing renewable energy generation, promoting electric vehicles, and adopting green technologies. The country aims to reduce greenhouse gas emissions by 20-25% from the business-as-usual level by 2030. The government also incentivizes businesses to adopt green practices and offers tax exemptions for companies with carbon-reducing projects.
Apart from this, Thailand is focusing on reforestation and sustainable agriculture to contribute towards carbon reduction. The country’s efforts towards sustainability and reducing carbon footprint would also serve as a model for other countries in the region.
Ways for you to start in Thailand
Doing Business | Thailand
Learn about doing business in Thailand and tap into its range of policies to set your business up for success.
