Thailand is one of the most popular countries for expats and retirees. The country’s tropical
weather, low cost of living and high quality of life makes it an ideal place to live.
Thailand has long been a desirable destination for foreign direct investment (FDI) due to its
position as the second-largest economy in ASEAN. The World Bank predicts that Thailand’s
economy would expand by 2.9% this year. For investors looking for fresh prospects in the
nation, the strong economic outlook and recently announced incentives to draw foreign
investment bode well.
Thailand is one of the most popular countries for expats and retirees. The country’s tropical
weather, low cost of living and high quality of life makes it an ideal place to live. Thailand
has long been a desirable destination for foreign direct investment (FDI) due to its position
as the second-largest economy in ASEAN.
For investors looking for fresh prospects in the nation, the strong economic outlook and
recently announced incentives to draw foreign direct investments (FDI), make it an
attractive option for all types of investors, including families, retirees, and business
investors alike.
Long-term incentives and visas.
A campaign to increase the number of foreigners with long-term visas has been launched in
Thailand. To spur economic growth by luring foreigners to Thailand, the Thai government
has created a new category of visa known as the Long-term Resident (LTR) Visa Program.
The LTR visa allows foreigners from 56 countries to stay in Thailand without restrictions on
employment or business activities for up to five years after entering with a single-entry visa
for tourism purposes. This is an excellent opportunity for entrepreneurs who want to start
their own business in
Top professionals and wealthy people can begin applying online to stay in Thailand for up to
10 years as of September 1. Over the next five years, the nation hopes to draw one million
wealthy or skilled foreigners.
Additionally, as of October 1, 2022, foreign visitors won’t need to present documentation of
their immunizations or a negative COVID test to enter the nation.
A powerful push for the digital economy
Thailand is pushing additional investments in its developing digital economy as part of its
goal to strengthen the economy.
The Thailand Board of Investment (BOI) reports that the value of investment applications in
the digital industry increased by 202% to 1.45 billion baht.
The finance behemoth Stripe, which began operations in late October, is one of the most
recent MNCs to enter the Thai digital market. PayPal, Omise, and Singapore-based 2C2P are
further significant players in the digital payments industry.
Thailand’s economy has been growing at an annual rate of 4% since 2014. In 2016, the
nation’s GDP was valued at $361 billion, and its per capita income was $11,800.
Thailand is one of Asia’s largest economies and has been growing steadily since the global
financial crisis. The country has a young population (half are under 30), low unemployment,
a stable government and currency, and a growing middle class.
The World Bank ranks Thailand third in terms of ease of doing business in Asia Pacific after
Singapore and Hong Kong. In addition to its economic advantages, Thailand has become an
increasingly attractive destination for foreign investors due to its relatively low operating
costs, skilled workforce, and strategic location between China and ASEAN countries such as
Vietnam, Cambodia, Laos, and Myanmar.
Thailand is a great place to invest.
The country has a good track record and is recognized as one of the most attractive
destinations for foreign investors in Asia. A wide range of incentives and tax exemptions can
help boost your business’s growth and profitability.
Strong Growth in Investment Application Forms
Along with digital enterprises, the BOI reports that the automobile industry experienced the
strongest growth rates in the first half of 2022. A total of 42.4 billion baht in investment
requests for electric vehicles (EVs) helped the automotive industry take the top spot in
terms of investment value, a growth of 212% annually. A total of 784 applications for
investment were submitted by Thai and foreign businesses during the first half of the year,
an increase of 4% over the same period last year. The total investment value was 219.7
billion baht (US$6.2 billion). 395 projects were submitted for FDI at that time, with a total
estimated value of more than 130 billion baht.
Thailand has been one of the most popular destinations for foreign investors in recent years.
With 19 projects totaling 38.5 billion baht in value, Taiwan was the primary source of FDI
applications, accounting for 30% of all FDI project value. With investment values of 16.9
billion baht, 15.5 billion baht, 11.3 billion baht, and 8.7 billion baht, respectively, Japan,
China, the US, and Singapore were next.
The top five sectors in terms of FDI applications received are:
1) Manufacturing (21 projects worth 27 billion baht)
2) Real estate development (20 projects worth 21 billion baht)
3) Retail (18 projects worth 12 billion baht)
4) Hotels and restaurants (16 projects worth 10 billion baht)
5) Agriculture (10 projects worth 6 million baht).
The government has set up three economic zones to support the development of innovation
and technology in Thailand. The first is the Eastern Economic Corridor (EEC), which aims to
create a hub for trade and investment in the region.
The second is the Southern Industrial Region (SIR) to boost industrial development in the
south. Finally, there’s the Eastern Seaboard Economic Zone covering all provinces from
Trang down to Satun.
The EEC’s main goal is to make Thailand an international logistics hub by building ports,
airports and other modes of transportation infrastructure along its coastlines. It also aims to
promote regional integration by linking small and medium enterprises (SMEs) across
Southeast Asia with supply chains in Thailand.
Thailand is an ideal place to invest and establish a business. The country is one of the
fastest growing economies in Southeast Asia, with GDP growth at 5.4% in 2017 (World
Bank).
Automation and robotics, aviation and logistics, biofuel and biochemical, and of course,
digital are some of the areas that the EEC supports.
A Chinese investment project gained approval for a 17.9-billion-baht investment during the
first half of this year to develop battery electric vehicles (BEV) and plug-in hybrid electric
vehicles (PHEV) in the EEC zone’s Rayong province.
The 18-billion-baht investment by PTT PCL for a natural gas production project, also in
Rayong, was another significant project approval.
As you can see, the current state of Thai business is excellent. However, for businesses,
establishing a company or a subsidiary in Thailand might take a lot of time. However, if you
follow our expert advice, the procedure will go more quickly than you anticipate.
We at Asia Expat Lifestyle Broker Co., Ltd will be delighted to help you establish a company
or subsidiary in Thailand.
Contact us today to discover how to kickstart your Thailand business venture
