The ancient kingdom of Thailand is located in South East Asia. The country has never been subjected to foreign rule and its people have a strong and independent sense of identity. Thailand’s economy is heavily dependent on its tourist industry, and visitors flock from across the globe to enjoy the country’s idyllic beaches and experience its culture. Doing business in Thailand will offer your organisation many advantages. Some of the benefits of doing business in Thailand include the following.
Open and Welcoming Economy
Thai society, and in particular the business community, is very welcoming to foreign investment and companies wishing to establish operations in the country. Organisations doing business in Thailand will find the infrastructure and systems ready for them to begin operating successfully.
Diverse Manufacturing Sector
Thailand has a large and very active manufacturing sector producing a diverse array of goods including toys, fish products, rubber, furniture and jewellery. These strengths in manufacturing and FMCGs have led Thailand to become a regional leader in trade and commerce.
Pro-active Government Policies
The Thai government is a forward-thinking and innovative body which actively encourages development and socioeconomic advancement. Foreign investment, both financial and in the local workforce, is strongly encouraged by the Thai authorities and the government’s policies over the last decade have made for a more inviting environment for foreign businesses and organisations.
A Large, Adaptable and Cost-efficient Workforce
Thailand has a large and adaptable workforce. According to Thailand’s Board of Investment, literacy rates reach 94% for men and 90% for women, so that foreign investors will find an intelligent workforce with the potential for further development. In addition to being flexible and educated, the Thai workforce is also among the most cost-efficient in the region in terms of pay with the average daily wage for Bangkok being 203 THB (approximately US$6).
Thailand is a hospitable, friendly and rapidly developing nation in which there is the opportunity to establish long lasting and strong commercial and financial bonds. Thai culture is rich in tradition and history, and Thai people have integrity and a powerful desire to succeed. A regional centre for trade and manufacturing, with democracy interwoven into the fabric of its society, Thailand has become a very attractive location for doing business.
To maximise your organisation’s chances of successfully doing business in Thailand, you should consider a cultural awareness training course such as Communicaid’s Doing Business in Thailand programme. Having completed one of these intercultural training courses, your organisation and its employees will be able to form strong strategies to help overcome any cultural pitfalls or challenges when doing business in Thailand.