However,to fully analyze the benefits the investor will get from investing intoThailand, we will look at different factors, as per the following; · Laborcosts in Thailand- According to Thailand’s Board of Investment, literacy ratesreach 94% for men and 90% for women, so that investors will find an intelligentworkforce with the hope for further training and development. In addition tobeing flexible and knowledgeable, the Thai workforce is also among the mostleast costly in the region in terms of pay with the average daily wage forBangkok being 203 THB (approximately US$6). One of the main issues when onestarts up a business is whether they will be a subject to high and costlylabor, One of the things that makes opening a business a feasible alternativefor global companies is the fairly low wages that have to be paid contrastingto in the Western world. Lower labor cost reduces the start up cost in general,and this will contribute to an earlier breakeven process. · Thailand’spopulation- There are more than 68 million residents Thailand and the population is made from numerous specific ethnic communities inclusive of Indian, Cambodia, Lao and Chinese.One of the most important advantages for individualswho need to begin a commercialenterprise in Thailand is that thesedifferent people convey exclusive abilities into play and there are lots ofpeople with abilities which are proper amongall exclusive sorts of firms. · Gateway of Asia- probably the mostsignificant advantages of choosing Thailand as a location, is that it providesas a strategic location and serves as the heart of Asia, which is home to abiggest developing economic market in the modern and globalized world. ASEAN is a big step towards making Thailand agood link into providing a strong trade with India, China, both which arestrong nations and growing economies.
Thailandhas been a part of the ASEAN free trade area (AFTA) comprised of boostingeconomies like Singapore, Indonesia etc, therefore it decreases the importduties that Thailand has to pay to zero. This could be advantageous to theinvestor, if they decide to be a part of a globalized international trademovement, and thereby reducing the cost for expensive imports. Additionally, with its diverse cultures, languages and histories, its tenmember nations share center on economic development and joint wealth. ASEAN’shousehold purchasing power is on the rise which is assisting the region inapproaching a higher level of consumer growth.· Business language- manyuniversities in Thailand are now becoming competitive and the students are welltrained and equipped to handle real life business situations, hence findingemployees to communicate in diverse languages like English, Thai and Chinesewould be readily available. This will make doing business with other countriesrelatively easily which will help achieve the investors target; increasedrevenues.
· Infrastructure- According to Reuters (2017), Thailand is ready to spend over 80 million bahtinto improving the infrastructure in the country, which means that improvedinfrastructure for the residents will boost the economy, paving the way for theinvestors to be secure in their own rights, and build the necessary buildingsthat they require and they will have sufficient amount of land and area to doso. Talking about area’s particularly, in Thailand Ratchaphruek road is nowbeing one of the centre of modernization, where new businesses are venturing,and consumers are visiting that area, leading to a high demand. Investing andopening a new business in that particular area would definitely have somepositive results. · Strong FDI policies- The UnitedNations conference on trade and development ranked Thailand as one of the topten most attractive host countries for foreigners. The government encouragesliberalization and free trade throughout the nation with the other differentcountries. Foreign business investments in Thailand, especially those that addto the growth of talent, technology and modernism are vigorously encourage bythe government.Thailand time after time ranks amid the most striking investmentlocations in the world in global surveys, and the World Bank’s Ease of DoingBusiness 2016 report seats Thailand as the 49th easiest country in the worldand the second ranked rising country in Southeast Asia for business purposesand investments. · Long established and newlyemerging industries – For any businesses to do well in the long run, there hasto be several other businesses that do well too, so the economy as a wholedevelops and the wealth is redistributed amongst those business and industriesfor the long run.
In Thailand, there is a potential growth in this sector,through strong industries, industrial production has risen and diversified allacross the country. · Quality of life – this factor canbe further grouped into three main subcategories; 1) Healthcare – In terms ofhealthcare, Thailand has urbanized an exceptional status internationally due toits globally certified doctors and medical staff, and modern facilities andequipment.2) Education – the education systemin Thailand is internationally appreciated, with numerous schools anduniversities that offer world class education to everyone applying.
3) Community- as mentioned before,there is a diverse population in Thailand, with different backgrounds andcultures. Thailand is known to be a land of smiles, and due to many peoplebelonging to different part of the world, there is little or no room at all forxenophobic attitudes or discriminatory or favoritism acts. In conclusion, Iwould strongly recommend the investor place his capital into Thailand, as its knownfor one of the best countries for investments. Thailand offers a secure andprofitable dea;, two significant objectives for any entrepreneur startinghis/her business and all of the factors above make it evident that Thailandalso has the necessary resources it will require for the investor to succeed inthe long run, and turn it into a profitable business empire.