Thailand has so far been known as a great adventurous spot for vacations. Water sports, beach, music, arts and crafts were counted as the specialties of the country. Thailand’s market economy is largely dependent on the tourism sector but in recent years, the Government of Thailand has taken countless measures to improve the economy and compete with the fast-growing world. To achieve this level of growth, the government is offering foreign investment opportunities especially to businesses in the technology sector.
The software and technology industry has always been considered to be a significant sector for any nation. Several surveys and studies have claimed that the international level of competitiveness progressively depends upon the Information and Communication Technology (ICT) infrastructure of the country.
The ICT infrastructure of a country has the potential to affect the country both economically as well as socially. Thailand’s government has understood the prospects and therefore making efforts to expand this sector. The increased usage of the Internet and IT apps in the country is gradually pushing the overall market value of the IT industry upwards.
Initiatives by the Government
It has been more than a decade since the government of Thailand is striving to position the country as one of the leading nations in the technology sector. It has made huge investments in infrastructure improvements, developing a high-tech talent pool, and offering a larger and more favorable business environment, especially for multinational IT companies. The country has succeeded in achieving its goal to a great extent. Today, the nation is counted among the leading provider of IT products and services.
The Thailand Board of Investment (BOI) had issued a new policy recently to endorse Thailand as a place that has the potential for future high-tech developments in the field of Software and IT. It also encourages the promotion of IT business and the production of computers and related IT products. The BOI has also adopted the latest Skill, Technology, and Innovation (STI) policy. STI policy is a cross-sector approach that works to expand investments in the way of improving the IT skills and know-how of the people of Thailand.
The BOI actively promotes new incentive packages and IT industry expansion in front of international investors. As a result of all these efforts, Thailand’s IT industry is thriving. The country has experienced a remarkable growth in foreign demand for its IT services. An increasing number of companies are setting up businesses in Thailand to benefit from the nation’s trained IT workforce, comprehensive IT infrastructure, and efficient outsourcing services.
Thailand’s augmented business-friendly atmosphere is reinforced by various recent initiatives meant to escalate business opportunities in Thailand and attract corporations looking to expand business operations in Southeast Asia and specifically in Thailand.
Under the Thailand 4.0 initiative, the Thai government highlighted investment in ten target industries which would serve as the engines of growth for Thailand. Digital technology is one of them. A 100-hectare digital park has been set up in the Chonburi province focusing on technology and digital sector and employing about 58,000 technology professionals. Read more about Thailand 4.0 – A Step towards a Digital Future and the new initiatives of BOI.
A relatively new scheme has been offered by the Government under the ‘Smart Visa’ program which is targeted towards entrepreneurs and professionals and offering them 4 years of multiple entry visas along with other benefits. Read more here.
Thailand is ranked among the top countries providing outsourcing service based on the country’s cost index, resources, and availability of skilled professionals. Thailand foresees substantial growth potential in the field of IT outsourcing.
Outsourcing is considered as an ever-increasing domain in Thailand, which will continue to be in demand in the long run. This is one of the significant factors that contribute to the growth of Thailand’s economy and it’s IT industry.
Startup in Thailand has assisted several foreign IT companies in successfully starting up business operations in Thailand. Contact Startup in Thailand for a free business consultation.