The investment environment is one of the most enabling in the region. Successive administrations have been committed to letting the private sector be the driver while government plays a supporting role. This remains the cornerstone of Thai policy.
The country’s well-defined investment policies focus on liberalization and encourage free trade. Foreign investments, especially those that contribute to the development of skills, technology and innovation are actively promoted by the government. Thailand consistently ranks among the most attractive investment locations in international survey, and the World Bank’s Ease of Doing Business 2013 report ranked Thailand as the 18th easiest country (of 185 countries worldwide) in which to do business. Rated in the global top 20 for many years, Thailand’s current position on the Doing Business list is just behind Canada’s and higher than those of Japan, China, India and most of ASEAN.
In addition, sustainable emphasis on macroeconomic stability and policies of liberalization, privatization, and decentralization have created an environment in which the private sector has been able to flourish and grow. Indeed, while there are several government agencies that support and facilitate the efforts of investors, Thailand’s main lure is the freedom that enables entrepreneurs to seize opportunities.
The Thai government has established resources to support and assist investors. Through the Board of Investment (BOI), the government offers a range of tax incentives, support services and import duty concessions to an extensive list of businesses that are regarded as priority or promoted industries. In addition, companies promoted by the Board of Investment receive permission to bring in foreign workers, own land and take or remit foreign currency abroad. Additionally, foreign businesses in the manufacturing sector are entitle to 100% ownership. Other government organizations, like the Department of Export Promotion and International chambers of commerce, provide invaluable support.
The country’s well-defined investment policies focus on liberalization and encourage free trade. Foreign investments, especially those that aim to promote skills enhancement, technology and innovation are highly encouraged by the government.
Thailand has 67 million people and abundant natural resources and a large pool of cost-effective labor that can make products competitive in the global marketplace that characterizes the 21st century. It has a good infrastructure for foreign investors, with modern transport facilities, as well as upgraded communications and IT networks, ensure optimum business and living conditions. State-of-the-art industrial estates boast sophisticated facilities and superior services.
In addition, Thailand enjoys a strategic location right at the heart of Asia – home to what is regarded today as the largest growing economic market. It serves as a gateway to Southeast Asia and the Greater Mekong sub-region, where newly emerging markets offer great business potential. Thailand has long supported economic integration with neighboring countries and has encouraged the development of free trade in the region. With the advent of the Asean Economic Community (AEC) in 2015, regional integration will be taken to a new level, as the AEC will create a single market and production base that is highly competitive and fully integrated into the global community.