Thailand's Ministry of Commerce reported that the number of new business registrations increased by 1.57% to a total of 17,270 in the first two months, providing a good start for 2024. Business Development Director-General Oramon Spaweesam credits the economic recovery, booming tourism, and increased consumer spending and exports, in addition to large-scale public infrastructure projects.
Economic recovery and sector growth
The country's economy is showing signs of resilience after the pandemic, with tourism-related businesses recovering. The e-commerce sector in particular has experienced a significant surge, with the number of registrations increasing by 32% and registered capital correspondingly increasing by 32.9%. This growth is due to the Department of Revenue's new obligation on electronic platforms to establish special accounts to report online sellers' revenues from January 2024.
EV industry attracts investment
Thailand's EV market is attracting increasing interest from domestic and foreign investors. The Foreign Companies Commission has approved 14 investors from various countries, with a combined registered capital of 22 billion baht, highlighting the potential of the industry. These investments span electrical control systems, electronics systems and charging stations and highlight the dynamic growth of this sector.
Government initiatives and international concerns
The Thai government's promotion of bio, circular and green economic models is attracting foreign investment. During the 2024 ASEAN-Australia Special Summit, Prime Minister Suretta Thavisin encouraged major Australian companies to invest in EV batteries, clean energy and transport logistics. The government's proactive approach, including bilateral projects with Laos, will further stimulate the economy and foster international cooperation.
This positive trend in new business registrations, driven by the recovery in the tourism sector, e-commerce and EV markets, points to a solid economic outlook for Thailand. The government's strategic initiatives and growing international interest in the EV industry are poised to significantly contribute to the country's growth and make it a key player in the region's economic landscape.
