Thailand's Ministry of Commerce predicts that business registrations will increase significantly in 2024, driven by strong growth in the tourism sector, rapid growth in e-commerce and rapid growth in the electric vehicle (EV) industry. Business Development Department director-general Auramon Suptaweesam said new business registrations increased by 1.57% in the first two months of 2024, reaching a total of 17,270, and registered capital increased by 14.5% to a total of 46 billion baht. revealed.
Economic recovery and business growth
The surge in business registrations is due to the economic upturn due to the post-pandemic recovery of tourism-related businesses, increased consumer spending and exports, and the government's launch of large-scale public infrastructure projects in line with the bio-, circular and green economy. It is thought that it is. model. The top three industries with the highest number of registrations were general contractors, real estate, and restaurants. This growth is a testament to the resilience and dynamism of Thailand's economy, with increased domestic and international investment in the EV sector, a key area for future growth.
Expansion of e-commerce and EV industry
Additionally, in the first two months of 2024, new e-commerce business registrations increased by 32%, with 479 new business entities and total registered capital increasing by 32.9% year-on-year to 555 million baht. This surge is expected to continue due to the Department of Revenue's requirement for electronic platforms to establish “electronic special accounts” to report online merchants' revenues. Furthermore, the EV industry has attracted a large amount of investment, with the Foreign Enterprises Commission granting permission to 14 investors including Singapore, China, Hong Kong, Japan, and the United States with a total registered capital of 22 billion baht to support the sector. highlights the potential of For growth.
Monitoring economic indicators
Business Development remains vigilant, monitoring inflation, interest rates and household debt to gauge long-term economic trends. The outlook for Thailand's economy is optimistic, with new business registrations expected to reach between 23,000 and 27,000 in the first quarter of 2024, and full-year forecasts of 90,000 to 95,000, an increase of 5-15%. The Department's forward-looking approach, coupled with tangible growth in key sectors, underscores the country's economic resilience and potential for sustained growth.
Against a backdrop of global uncertainty, Thailand's focused investments in tourism, e-commerce and EV industries and strategic economic policies are setting the stage for a vibrant economic future. The increase in business registrations not only indicates a strong economic recovery after the pandemic, but also establishes Thailand as a key player in the global market, especially in innovative and sustainable industries.
