Ranking as the world’s fourth most attractive nation for foreign investment in a survey by the UN Commission for Trade and Development in 2004, Thailand is a perfect destination for investment.
Here are some of the advantages of Thailand:
Thailand’s infrastructure is being consciously geared up for foreign business. Improved and modernized transportation 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.
The latest and advanced telecommunication facilities are available across the country. Access to the Internet can be availed through leased lines, high speed ADSL and VDSL, satellite modems and dial-up connections. The bandwidth for Internet access is continuously growing and the costs are competitively lesser than some other countries in the region.
Government support and incentives
The Thai government has established resources to support and assist investors. Through the Board of Investment, the government offers a range of tax incentives, support services and import duty concessions available to an extensive list of businesses that are regarded as priority or promoted industries. Other government organizations, like the Department of Export Promotion and international chambers of commerce, provide invaluable support and a host of other important services.
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. The 2004 survey of the UN commission for Trade and Development named Thailand the world’s fourth most attractive nation for foreign direct investment.
Long - established and newly emerging industries
With strong economic development and strong support industries, the country’s industrial production has grown and diversified rapidly both in the long –established and newly emerging industries. The government has emphasized 5 sectors: automotive, electronics and Information and Communication Technology, fashion, food and value-added services including entertainment, healthcare and tourism.
Gateway to Asia
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. From Thailand , it is convenient to trade with China , India and the rest of Asia
Hub of ASEAN
Aside from its excellent location, Thailand has the reputation of being one of the founding members of the ASEAN. Being the center of economic cooperation between ASEAN member nations, Thailand has trade access with this continuously growing market, with products from Thailand easily capable of reaching the region’s 500 million people.
Freindly and rich culture
Thailand has gained a well-known reputation throughout the world as a basket of diverse cultures- a veritable mixture of the exotic flavors of the East complemented with the friendliness of its people. With such a rich culture, it is easy for Thailand to welcome the foreigner investor to its shores.
Thailand’s Accounting Standards follow US Accounting Standards. The American Chamber of Commerce-Thailand states : “Generally, the basic accounting principles practiced in the United States are recognized and accepted in Thailand”. Thus the Thai accounting professionals are reasonably competent in best bookkeeping practices.
Education and healthcare services
Thailand ‘s educational standards are accepted by many international examining bodies, while its universities are outstanding in many fields. A great number of international schools and colleges offer world-class education. In terms of healthcare, the country has developed a good reputation globally, due to its internationally qualified doctors and medical staff, and modern facilities and equipment.
The Thai education system has been steadily absorbing international trends and over the years many International Schools and Universities have established their presence in Thailand. Entities such as Bangkok University International (BUIC), Assumption University (ABAC), Asian Institute of Technology (AIT), Thamasart University, Webster University, Sasin Graduate Institute of Business Administration of Chulalongkorn University etc. follow international curriculum parallel to the Thai curriculum. The comparatively lower English competence as the sole weakness of outsourcing book-keeping, accounting and other business processes to Thailand is no more the truth.