Doing Business in Thailand. Thai economy. Foreign Trade Import Export

Course summary (Doing business in Thailand)

Thailand enjoys a strategic location and serves as a gateway into the heart of Asia – home to what is today the largest growing economic market.

The country also offers convenient trade with China, India and the countries of the ASEAN Association of Southeast Asian Nations (Indonesia, Malaysia, Philippines, Singapore, Brunei Darussalam, Vietnam, Laos, Myanmar and Cambodia), and easy access into the Greater Mekong sub-region, where newly emerging markets offer great business potential. Thailand was one of the founding members of ASEAN and has been instrumental in the formation and development of the ASEAN Free Trade Area (AFTA). Thailand is one of the founding members of APEC © since 1989.

Thailand’s open-economy policy has been responsible for a strong growth in exports in recent years. From 2004-2006, this growth averaged 17.4% annually, while in 2007 are expected to increase a further 12.5 %. The country’s main export markets are the USA, Japan, the European Union and Association of Southeast Asian Nations ASEAN, while new markets include China, South Asia, Africa and Indochina.

Diversity has become an essential ingredient of Thai exports, with an emphasis on one-stop sourcing of raw materials in Thailand’s regions, in the Greater Maekong Sub-region and throught Southeast Asia. These are turned into a variety of value-added products that include processed & frozen food, agricultural products, electronics, electrical appliances, furniture, fashion Garments & textiles, auto parts and accessories, etc.

Thai service industries are also in great demand around the world. Four key businesses are well established-Thai restaurants, Thai spas, health industry, and international education,- while new service industries, such as architectural design, construction, garage, printing, entertainment and other content industries are being developed to meet overseas demand.

Bangkok, the Thai capital, has become the center of development and consequently the most prosperous part of the country. Economic activities in Bangkok and the metropolitan area account for almost 60 percent of the national gross domestic product, though it has under 20 percent of the nation’s population. Bangkok’s basic infrastructure is impressive compared with neighboring countries. The city is competing closely with Singapore to become a regional hub for air travel within Southeast Asia. Bangkok is recognized globally as a first class health care center with facilities that meet international standards.

Thailand has forged close economic cooperation with other ASEAN member nations, and Thai manufactured products and services have access to their markets, which includes all 10 ASEAN countries. ASEAN is home to more than half a billion people, GDP in excess of US$1.5 trillion and total trade of well more than US$1 trillion per year. Thailand has free trade agreements (FTAs) with Australia, China, India, New Zealand and the 10 member countries of ASEAN.

The electronics industry is one of Thailand’s largest in the manufacturing sector. This industry alone was worth nearly US$ 30 billion and accounted for more than 30% of Thailand's export revenues in 2007. Thailand’s main electronics exports are hard disk drives (HDD) and integrated circuits (IC), which account for about 54% and 29% of total electronic exports, respectively. Thailand has become the largest production base for the electrical appliance industry in ASEAN with many international manufacturers engaged in expansion programs. The country is also the second largest hard-disk drive exporter in the world after Singapore.

All of the world’s major automakers, assemblers, and parts and components manufacturers have been attracted to the industry in Thailand, and many are planning further investment. Ford, General Motors, BMW, DaimlerChrysler, Mitsubishi, Mazda, Toyota, Isuzu, Honda and Nissan all have an established presence in the country, together accounting for the lion’s share of the nearly 1.4 million vehicles produced here in 2008. Thailand is currently the world’s largest producer of one-ton pickup trucks and the seventh-largest automotive exporter overall

Charoen Pokphand Group (CP Group) with headquarters in Bangkok, Thailand was founded in 1921 by the Chia brothers, and is today one of Asia’s leading conglomerates. With businesses and affiliates operating within the agribusiness, retail and telecommunications markets, they currently employ over 250,000 people whom conduct their investments, operations and trading at factories and offices worldwide.

Stars Microelectronics (Thailand) Public Company Limited offers Microelectronics Module Assembly (MMA) and IC Packaging. Stars is Thailand’s leading full-service manufacturer and its services range from product development or R & D to mass production in large quantities.

International Economic Relations. Thailand is member of: Association of Southeast Asian Nations (ASEAN) - ASEAN Economic Community, Asia-Pacific Economic Cooperation (APEC), IMT – GT, Mekong Economic Cooperation Strategy (ACMECS), Bay of Bengal Initiative (BIMSTEC), Mekong River Commission (MRC) , Ocean Rim Association for Regional Cooperation (IORARC), Boao Forum For Asia (BFA), Asia - Middle East Dialogue (AMED), Forum for East Asia-Latin America Cooperation (FEALAC), Asia-Europe Economic Meeting (ASEM), Asia Cooperation Dialogue (ACD), Pacific Economic Cooperation Council (PECC), Asian Development Bank (ADB), Economic and Social Commission for Asia and the Pacific (ESCAP), Colombo Plan

Thailand Free Trade Agreements (FTAs): ASEAN Free Trade Area (AFTA).
ASEAN Agreements: Australia New Zealand, Canada, China, India, European Union, Japan, Korea, Russia, US, Pakistan

Free trade agreement with: India (CECA), GCC. New Zealand - Thailand Closer Economic Partnership

The population of Thailand was estimated at 67.2 million. The official national language is Thai. EENI in Thai language: มหาบัณฑิต ในการค้าต่างประเทศและตลาดต่างประเทศ.

Doing, Business, Thailand, Thai, economy, Foreign Trade, Import, Export, Bangkok, Kingdom of Thailand, Automotive, Electronics, Industry, Thailand's, advantages, Infrastructures