Business in Thailand: Here’s What You Should Know
Business in Thailand: Here’s What You Should Know
Thailand is a place where you will discover not only old cultures but also modernity. It has the most vibrant and lucrative economy in all of Southeast Asia. So for businesses, starting their business in Thailand is the best choice. But in this business scenario, we can’t forget one thing, language. Your content should be in Thai so that the people there can comprehend you. You can ensure that the audience connects with you by using Thai translation services to translate your websites, product descriptions, ads, etc. into Thai.
We’ll discuss Thailand’s rising industries in this article, which provide opportunities for international investment.
Thailand and its Lucrative Market
In the Association of Southeast Asian Nations (ASEAN), Thailand occupies the second slot in the largest economy category, right after Indonesia. The geographical location of Thailand is a gateway for businesses to ASEAN markets. Since 2013, Thailand’s GDP has been increasing significantly. This makes Thailand a lucrative market for foreign businesses.
Imagine you are deciding to enter Asia and you want to make an impact on the audience. This is where you need to research which country is most favorable for you. With effective market research, you will find out about Thailand and its various business opportunities where you can invest. And that’s how you can cater to an international audience.
Thailand’s Business Landscape
Thailand is a very welcoming country for foreign businesses. With business-friendly laws, foreign businesses find it easy to enter Thailand and build a strong base. Even the trade policies are liberal ones so that Thailand can make good relations with other nations. This also helps other nations to build good relations with Thailand. As Thailand is shifting towards a green economy, it further captures the attention of eco-friendly businesses.
There are four main industries which are driving Thailand’s economy:
- Tourism
- Agriculture
- Electronics
- Export
When you are thinking of starting your business operations in Thailand, there are a few things you should know about.
| Population | 78.1 million |
| Size | 510,890 sq km² |
| Main Language | Thai and English |
| Capital City | Bangkok |
| Other Major Cities | Nonthaburi, Nakhon Ratchasima, Chiang Mai |
| Currency | Thai Baht |
| GDP | USD 7,171.8 per capita |
| Top Exports | Electrical machinery, including computers, and vehicles. Other things include rubber articles, gems and precious metals, and even seafood |
| Top Imports | Mineral fuels include oil, petroleum, chemical, and related products such as steel |
| Corporation Tax | 20% |
| Unemployment Rate | 0.9% |
Importance of Languages
Effective communication with the target audience is crucial for brands and enterprises. If a stranger is unable to comprehend what you are offering and how it would first benefit them, how can they purchase anything from you? At this point, you must ensure that your company is speaking the audience’s language and catering to them. Naturally, since you are now interacting with a Thai audience, you must concentrate on using Thai. With Thai translation services, your business will sound more authentic to the target audience.
With Thai translation, foreign businesses easily comply with the local rules and regulations. There are certain legal documents that need to be filled and later adhered to, so translation helps your business in all of this.
Businesses to Operate in Thailand
Operating your business in Thailand is a wise decision that can surely take your business to other Asian markets. But it is also important to know what business is in demand in Thailand.
Tourism
Almost everybody knows this famous industry in Thailand. People from all over the world visit Thailand to explore its natural and artificial beauty. Especially if you are a party person and like to go to new places and enjoy yourself, Thailand is best for you. By targeting this aspect, you can start your tourism business in Thailand and guide formers in exploring the country.
Thailand is a beautiful country mainly famous for tourism. It’s because it is an attractive spot for tourists where every year tourists in great amounts visit. Thai cuisine is famous all over the world.
Agriculture
By providing education in certain machinery and ways to produce more goods, your agriculture business can flourish in Thailand. Just make sure that you are effectively communicating with the audience and then you can stay in the Thai market for a long time.
Don’t forget Minority Languages
Though Thai and English are spoken the most in Thailand, that doesn’t mean that there aren’t any minority languages spoken there. Lao, Chinese, and Hindi are spoken by a significant number of people. To target these minorities, it is important not only to be linguistically correct but also culturally sound. So with Lao, Chinese, and Hindi translation services, you can cater to these communities and make sure that your business is within the reach of everyone.
This will further help the audience to trust your brand and engage in business with you.
Final Words!
To sum up, Thailand is a beautiful country and very favorable for business. With Thai translations, you can translate your business for Thai audiences and make sure you sound native to them.
