Top Business to do in Thailand in 2024

2023 has been a remarkable year for foreign investors in Thailand due to these reasons:

• Announcement of new schemes for foreign investors, including additional Corporate Income Tax exemption of up to 13 years. This is a significant incentive for foreign investors, as it can save them a significant amount of money.
• Provision of 10-year long-term Visas for foreign investors. This makes it easier for foreign investors to live and work in Thailand, which can be a major advantage for businesses that require a high level of expertise or specialized skills.
• Announcement of special privileges for the digital and creative economy to support the evolving Digital ecosystem of Thailand. This is a growing sector in Thailand, and the government is keen to attract foreign investment in this area.
• Focus on Smart Technologies in the Manufacturing Industry with special privileges of free trade zones, free ports, and trade facilitation for foreign investors. This is another area where the government is keen to attract foreign investment, as it sees smart technologies as a key driver of future economic growth.

The government is clearly committed to making the country a more attractive destination for foreign investment, and these new schemes and incentives are a testament to that commitment. The following are the outcomes of the several investor-friendly schemes and policies of the Royal Thai Government in alliance with the Board of Investment of Thailand:

• Approximately 700 billion US$ of foreign direct investment inflow: This is a significant amount of investment, and it is clear that Thailand is a desirable destination for foreign investors. The country's strong economy, political stability, and favorable business climate are all factors that contribute to its attractiveness to investors.
• More than 100 Greenfield Investment Projects: A Greenfield Investment is a new investment in a new location. This type of investment is often seen as a sign of confidence in the country's economy and future growth prospects. The fact that Thailand has attracted more than 100 Greenfield Investment projects in recent years is a testament to its appeal to foreign investors.
• Received establishment and expansion funds from 5800 digital startup projects: Thailand's digital economy is growing rapidly, and this is reflected in the number of digital startup projects that have received funding from foreign investors. The country's strong infrastructure, skilled workforce, and favorable regulatory environment are all factors that are attracting digital startups to Thailand.
• MNCs like Microsoft, Google, Meta, and Tesla are planning to set their bases in Thailand: The fact that major multinational corporations are planning to set up their bases in Thailand is a significant vote of confidence in the country's economy and future growth prospects. These companies are attracted to Thailand's strong economy, political stability, and favorable business climate.

Businesses that flourished in Thailand during 2023

• Tourism: The tourism industry in Thailand saw a 44% year-over-year (YoY) growth in 2023. This growth was driven by a number of factors, including the country's reopening to international tourists, the easing of travel restrictions, and the strong performance of the Thai baht. The tourism industry includes a wide range of businesses, such as tour guides and agencies, hotels, resorts, spas, and foreign currency exchange.
• Real estate: The real estate industry in Thailand saw a 26% YoY growth in 2023. This growth was driven by a number of factors, including the country's strong economic growth, the low-interest rates, and the increasing demand for housing. The real estate industry includes a wide range of businesses, such as real estate developers and real estate agents.
• Herbal products: The herbal products industry in Thailand saw a 33% YoY growth in 2023. This growth was driven by a number of factors, including the increasing demand for herbal medicines, fragrances, and spices. The herbal products industry includes a wide range of businesses, such as herbal medicine manufacturers, fragrance manufacturers, and spice traders.
• Electrical and electronic installations: The electrical and electronic installations industry in Thailand saw a 25% YoY growth in 2023. This growth was driven by a number of factors, including the increasing demand for electrical and electronic products, the growth of the construction industry, and the government's investment in infrastructure. The electrical and electronic installations industry includes a wide range of businesses, such as electrical contractors, electronic product manufacturers, and electrical and electronic equipment suppliers.
• E-commerce: The e-commerce industry in Thailand saw a 19% YoY growth in 2023. This growth was driven by a number of factors, including the increasing use of the Internet, the growing popularity of online shopping, and the government's support for e-commerce. The e-commerce industry includes a wide range of businesses, such as online retailers, e-commerce platforms, and logistics companies.

Businesses that are expected to grow in Thailand in 2024

• Food Industry including food parks and restaurants: The food industry is expected to grow at a CAGR of 8.5% in 2024. This growth is being driven by the increasing demand for convenience food, healthy food, and food delivery services. Food parks and restaurants are expected to be the key drivers of this growth, as they offer a variety of food options and a convenient dining experience.
• Travel and tourism industry: The travel and tourism industry is expected to grow at a CAGR of 5.5% in 2024. This growth is being driven by the increasing disposable income of consumers, the growth of the middle class, and the rise of social media. Travel and tourism companies are expected to focus on developing new and innovative products and services to attract customers.
• Gems and Jewelry Industry: The gems and jewelry industry is expected to grow at a CAGR of 6.5% in 2024. This growth is being driven by the increasing demand for luxury goods, the growth of the middle class in emerging markets, and the rise of online shopping. Gems and jewelry companies are expected to focus on developing new and innovative products, as well as expanding their online presence.
• Automobile, Spare parts, and machinery: The automobile, spare parts, and machinery industry is expected to grow at a CAGR of 7.5% in 2024. This growth is being driven by the increasing demand for automobiles, the growth of the automotive industry in emerging markets, and the rise of electric vehicles. Automobile, spare parts, and machinery companies are expected to focus on developing new and innovative products, as well as expanding their global reach.
• Healthcare industry: The healthcare industry is expected to grow at a CAGR of 10.5% in 2024. This growth is being driven by the increasing aging population, the rising prevalence of chronic diseases, and the development of new and innovative medical technologies. Healthcare companies are expected to focus on developing new and innovative treatments, as well as expanding their global reach.

Are you planning to start your business in Thailand in 2024 in any of these suggested or any other industries? Contact us!