Venture to Thailand with IE Singapore
Thailand has a resilient economy with strong fundamentals, including low inflation rates of under 5% for most of the last decade1. Its well-developed transportation system, infrastructure and communications network support many growth sectors such as tourism, the automotive industry and food manufacturing. With a large population of 68 million, rising consumerism and a qualified and skilled workforce, Thailand is an ideal destination for Singapore firms.
The Board of Investment of Thailand (BOI) recently announced the country’s new seven-year investment promotion strategy. From 2015, incentives for FDI will focus on research and development, innovation and value-creating investment that enhances national competitiveness. More than 230 activities across seven sectors will be supported.
Hub for Indochina
Thailand is the second largest economy in Southeast Asia. Centrally located in Indochina (encompassing the CLMV countries of Cambodia, Laos, Myanmar and Vietnam), it has historically played a leading role in this region. Within Southeast Asia, Thai businesses are also the most integrated with the CLMV economies, making Thailand the ideal gateway to these markets.
Venture to Thailand
Foreign Business Act
The Foreign Business Act (FBA) regulates the activities which foreign companies may engage in. Generally, foreigners cannot engage in businesses that impact national safety and security, arts and local customs or the environment. For businesses in sectors deemed unprepared for foreign competition (List 3), a Foreign Business Licence is required.
Find out more here.
Under a seven-year investment promotion strategy (2015-2021), the following industries enjoy investment incentives:
- Agriculture and Agricultural Products
- Mining, Ceramics and Basic Metals
- Light Industry
- Metal Products, Machinery and Transport Equipment
- Electronic Industry and Electric Appliances
- Chemicals, Paper and Plastics
- Services and Public Utilities
Find out more here.
1: World Bank
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