Thailand’s strategic location serves as a gateway into the heart of Asia. The Kingdom of Thailand is known today as the largest growing economic market in the region, despite its recent economic blow from the devastating flood of 2011. The country offers convenient and easy trade with China, India and the ASEAN nations. Thailand’s steady economic recovery had made the country more attractive for business investors to venture into the country with much confidence.
Thailand’s strong economy is driven by macro businesses that have served as the country’s strong economic pillars. Being a newly industrialized country, Thailand’s manufacturing industry has become its leading sector and business growth mover. Similarly, agriculture continues to grow as it provides all the domestic food requirements of Thailand and at the same time producing commodities for export. For many years, Thailand enjoys the title of being one of the world’s largest rice and natural rubber exporters.
Thailand’s business landscape has evolved over the years. Once an agriculture-based economy, the manufacturing sector took a turn and started with agricultural commodity processing along with the manufacture or production of food stuffs, textiles, clothing and leather products – all intended for export. Just right about the same time, manufactured goods have grown in volume and value, which include high-tech products such as components and computers, automotive parts, automobiles, electronic appliances and precious stones.
Other macro industries that developed and continued to grow include the deep-sea port facilities, a petrochemical complex based on natural gas and an integrated steel complex. Foreign investments in automobile and electronics showed significant improvement since 1987 to date. Many accounting firms in Phuket for instance provided financial advisory to the incoming foreign investments to make sure that their investments are protected and placed properly.
Other than exports, tourism is another macro industry that has continuously acted as the channel for the influx of foreign exchange revenue. Year after year, Thailand’s tourism industry keeps showing an upward trend as can be attributed to the massive tourism drive and campaign, and the aggressive improvement of the infrastructure related and relevant to the industry. Thailand is within easy reach of the United States, Europe, Africa, East Asia, Australia and Oceania, and a gateway to neighboring Asian countries, which makes it a favored destination among western foreign tourists. The tourist attractions in Thailand include nature-based destinations, historical sites, culture, people’s friendly dispositions, Thai cuisine, recreational facilities, and shopping malls.
While tourism is promoted, concerted efforts are done in order to help protect and preserve the environment at all tourism sites. The government of Thailand has made sure that safeguards are in proper place so that none of the tourist places are exploited and abused.
Thailand’s growing economy is defined and characterized by steady growth, vibrant and active domestic or local consumer market and strong exports. More foreign direct investments gained confidence in Thailand’s excellent economic performance against a crisis. With the influx of many new foreign-owned businesses in the country, many accounting services Phuket, will surely benefit from this development.
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