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Welcome to the newest issue of Thai news, a resource that will keep you up to date on economic and business news in Thailand.
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Thailand Emerges as ASEAN's Logistics and Transportation Hub
Thailand is expected to become a logistics and transportation hub of ASEAN due to its central geographic location and easy trade access to the neighboring countries of Cambodia, Laos, Burma and Vietnam. As of 2012, the country ranked third in Southeast Asia in terms of logistics competency. That ranking is expected to rise as logistics costs to Thailand's GDP continue to decline, while the sector still generates over $9 billion annually to the economy.
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Asian Economic Community (AEC) to Position Thailand as Logistics Hub
The Asian Economic Community will strengthen Thailand's trade with its four immediate neighbors of Myanmar, Malaysia, Laos and Cambodia, thus placing the country as the logistics hub of ASEAN. The organization is working to reduce import duties on products shipped to these countries. Import tariffs on 90 percent of the products shipped to Myanmar and Cambodia will be reduced to zero.
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Foreign Investors Confident in Thai Economy
Foreign investors remain confident in the Thai economy, according to Bank of Thailand Governor Prasarn Trairatvorakul. Some key factors that make Thailand a profitable investment for companies include low inflation, favorable trade balance, flexible foreign exchange rates and a strong private sector, especially within banking. Thailand also has foreign reserves which are about 50 percent of their GDP compared to the global average of only 20 percent.
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Thailand Rises as World's Premier Medical Tourism Region
Thailand retains its status as the premier medical tourism region in the world. Located in Bangkok, Bumrungrad International Hospital is the largest private hospital in Southeast Asia and treats more than a million patients annually. Of this group, more than 520,000 are international, including thousands of expats currently living in Thailand and nearby countries. The hospital made the decision to target the international market during the 1997 Asian economic crisis and continues to gain more international patients every day.
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GM Plans to Join Government Eco-Car Scheme with New Chevrolet
General Motors recently announced that they will join the government's Eco-Car Phase 2 program with their new Chevrolet model. The program requires the cars in production be fuel-efficient, environmentally friendly, safe and low-cost. The cars also need to be available for sale in the region by the end of 2019. GM wanted to reaffirm its commitment to Thailand and the belief that the country is the best regional supplier in the auto industry.
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Microsoft Thailand Focusing on SME Market to Speed its Adoption of Technology
Microsoft Thailand, a regional unit of the U.S.-based software maker, is focusing on the small and medium-sized enterprise (SME) market to increase the country's GDP growth. Thai SMEs represent up to 99% of overall businesses and $115 billion of Thailand's annual GDP. These markets are important to Microsoft because they still operate on a basic technology level but need to adopt new technologies, like cloud computing and big data, to improve their competitiveness and productivity.
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10 Companies Sign Up for Eco-Car Plan
Ten major car manufacturers have signed on for the second phase of Thailand Board of Investment's eco-car program, bringing a total expected investment of nearly $4.3 billion. The ten projects are set to produce 1.58 million eco-cars by the end of the program. Five of the car manufacturers are already participating in the first phase of the eco-car scheme and are prepared to invest almost $2.7 billion more into the production of the environmentally friendly cars. The overall goal is for Thailand to produce 3 million cars by 2017.
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SUBCON Thailand 2014: ASEAN's Largest and Most Comprehensive Industrial Subcontracting Exhibition
The Thailand Board of Investment will host the eighth edition of SUBCON Thailand 2014, ASEAN's most successful industrial subcontracting event. The event will be held May 15-17 at the BITEC Center in Bangkok. SUBCON 2014 will feature ASEAN's leading manufacturers of industrial parts used in industries such as automotive, mechanical, electronic, electrical appliances and air conditioning.
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DID YOU KNOW?
Geographically, Thailand is closer
to the heart of Asia than most any other Asian city.
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"The population of Thailand really provides our business with very skilled people. Each time we have opened a new operation here, we have been very happy to see that the people are well trained and well-motivated in helping the group to progress."
- Mr. Jean-Dominique Senard, managing partner of the Michelin Group
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Thailand Board of Investment
The Thailand Board of Investment (BOI) is the inward investment promotion agency for Thailand that assists foreign investors in identifying business opportunities, providing tax incentives and privileges, and supporting foreign companies seeking to expand into the Asian market. Our services are free of charge and customized to help your clients succeed in Thailand.
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CONTACT US:
Supisara Chomparn, Director
Thailand BOI
7 World Trade Center
34th Floor, Suite F
New York, NY 10007 USA
Tel: (212) 422-9009
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