8 Reasons to Open Business in Bangkok
Bangkok is one of the biggest industrial cities of Southeast Asia. It’s humungous office buildings and skyscrapers add to the city’s glitz. Almost the entire Thai economy gets concentrated in this city. Thailand has already earned a reputation of being the second largest economy in Southeast Asia, after Indonesia. This affirms the Thai market to be very lucrative. This is also attracting foreign businessmen towards Bangkok, the industrial hub of Thailand.
- Bangkok is an excellent market space to start an export business. 60% of the Thai GDP is made up of exports. The Thai economy is the second in Southeast Asia in external trade volume, after Singapore. Thailand exports products like textiles, jewellery, electrical appliances, timber and precious stones. It also has a thriving fishery industry.
- The Thai government has taken necessary and beneficial actions to pull out many families from poverty, since the 1980s. This is propagating great social development and attracting foreign investors to invest in the prospering Thai market.
- Over the years, the Thai government has made efforts to reduce unemployment. This promotes the skillfulness of the natives. Hence, human resource is another reason why business organizations should consider stepping their feet in Bangkok.
- The Thai government is further undertaking path-breaking reforms to ensure utmost prosperity for the Thai people and society. They’re primarily concerned about economic stability, equal economic opportunities, human capital, environmental sustainability, effective government bureaucracies competitiveness, etc. Implementation of multi-year large public infrastructure projects and setting up of a State Enterprise Policy Committee are other major steps taken by the Thai government. These actions were taken by the government ensure a better future for the Thai economy as well. Hence, we can call it the market of the future.
- Bangkok is a developing industrial location with the right kind of infrastructure to attract both big and small industries. And every day, this infrastructure is growing, improving and developing.
- Accommodation in Bangkok is easily available. This is another important factor for foreign businesses to grow in Bangkok. The non-residents of Thailand get easy accommodations.
- Another positive thing about Bangkok, unlike the other cities in Thailand, is that more or less everyone understands and converses in English. English being a world language is an essential tool for communication in foreign countries. Hence, language is not much of a barrier in Bangkok city.
- Technological development in Thailand has been far-reaching. Now, even small businesses in Thailand can have productivity tools due to cloud computing which was unthinkable 10 years back. Such a rapid growth in technologies is attracting several big and small industries to set foot in the Thai economy.