Thailand and ASEAN countries, which have deep histories, cultures, and remarkable economic developments, are also known as ideal travel destinations for many. These countries collectively—including Thailand, Malaysia, Indonesia, Vietnam, Singapore, Philippines, Cambodia, Laos, Cambodia, Myanmar, and Brunei—have great potential of growing into the world’s fourth largest economy, with a population of 700 million by 2030.
Therefore, it is natural for many foreign companies to expand into Thailand and other ASEAN countries. According to JETRO, more than 13,000 Japanese companies have already expanded into Thailand and ASEAN and have invested billions in various industries. While some companies have succeeded, it is also true that many are still lacking due to cultural, language, legal, political, economic disparities, as well as other factors.
We believe that Thailand is perhaps a suitable starting point for many manufacturing and technology-based companies due to its developed, open, and dynamic business, industrial, and social environments. For example, many large multinational corporations have done a tremendous job investing and laying the groundwork over the past 20-30 years so that many other foreign companies and SMEs can follow on into the market.