Thailand is fast becoming a rich northern frontier for Australian business, and a commanding gateway to the region’s economic powerhouses India and China, as well as Indochina and the Greater Mekong sub-region.
Thailand ranks among the top 10 most attractive countries in the region for investment over the next three to five years, with research showing foreign investors are reassured by its abundance of suitable suppliers, raw materials, and development of infrastructure.
Already 300 Australian companies have built a presence there and two-way Thai-Australian trade is over $19 billion a year, with opportunities arising for expansion and growth. Australian investors are also accessing a range of additional benefits and protections under the Thailand-Australia Free Trade Agreement (TAFTA).
Consider some key facts about doing business in Thailand:
- Thailand is the second-largest economy in Southeast Asia
- In 2014, Thailand ranked second in Southeast Asia for external world trade volume
- The Thai Government is committed to significant investment in social and economic infrastructure, having recently announced a THB 1.8 trillion infrastructure upgrade across the country
- As of writing, Thailand is the 5th largest FDI recipient in East and South-East Asia (USD 12.6 billion), behind the economic giants of China, India and Singapore
- As the world’s largest medical tourism market – the result of low-cost medical treatments and high-quality healthcare – Thailand boasts business opportunities for healthcare service providers, with the Thai government offering various investment incentives for manufacturing of medical food and equipment
- The World Bank Doing Business Report 2016 ranked Thailand as the 5th easiest place in East Asia & Pacific for doing business
- CBRE continues to rank Bangkok as the least expensive market in Asia to rent prime office real estate, with an average rent of USD 27.99 sq.m. p.a.