The ASEAN Region (Association of Southeast Asian Nations) is an integrated economy of 10 member countries and is the third-largest economic market in Asia with a GDP of USD 3 trillion. It is the home of 650 million people with an estimated consumer expenditure of nearly USD 2 trillion in 2019 which is expected to double over the next decade.
For Thailand, the 2nd largest economy of South East Asia and the founding member of the ASEAN, business opportunities seem to be endless with free movement of goods, investments, capital, services, and skilled labor within the community.
As per the Bangkok Post, Thailand’s consumer expenditure is projected to surge by 30.7% by 2022. Mobile commerce is expected to grow 234% in the next 5 years with a compound growth rate of 27.3%. Research also shows that Thai consumers spend almost 40% on food consumption.
Thailand ranks 21st out of 190 countries in the world in terms of ease of doing business as per the World Bank report 2020. All these factors make Thailand an interesting market destination for foreign companies for opening a business in Thailand but domestic business development remains a hurdle to be overcome.