Thailand’s business registrations set to soar this year
Thailand’s Commerce Ministry foresees a positive trend in new business registrations for this year as its tourism, e-commerce and electric vehicles (EV) market are expected to recover.
Tourism recovery is expected to help increase new business registrations in Thailand this year. (Photo: AFP/VNA)
Bangkok (VNA)𝔉 – Thailand’s Commerce Ministry foresees apositive trend in new business registrations for this year as its tourism sector,e-commerce and electric vehicles (EV) market are expected to recover.
Auramon Supthaweethum, Director-General of the BusinessDevelopment Department, said on March 6that in the first two months of 2024, new business registrations in the countryhave seen a 1.57% increase, reaching a total of 17,270. The cumulativeregistered capital has also surged by 14.5%, amounting to 46 billion THB (1.3billion USD). Auramon attributed the uptick to several factors. The economy ison the rebound, tourism-related businesses are resuming operationspost-pandemic, private consumption and exports are expanding, and significantpublic infrastructure projects are underway in alignment with the government’sbio-, circular, and green economic model. She said her department is monitoring inflation, interest rates,and household debt to gauge long-term economic conditions. New businessregistrations in the first quarter of 2024 are expected to range from 23,000 to27,000. The entire year’s total is projected to be between 90,000 and 95,000,marking a 5-15% increase. Auramon said that new registrations in the e-commerce sector inthe first two months of this year have soared by 32%, totalling 479. Thecombined registered capital for these businesses has seen a 32.9% year-on-yearincrease, reaching 555 million THB. More e-commerce businesses are anticipated to register due tothe Revenue Department’s mandate for electronic platforms to establishelectronic special accounts. These accounts will report revenue from theironline merchants and are effective from January 2024. The department is optimistic about an increase in new businessregistrations this year, driven mainly by higher investments in the EVindustry. Investors from both domestic and foreign origins are showing interestin sectors such as electrical control systems, electronic equipment systems,and charging stations. In 2024, the Foreign Business Committee approved 14 investorsfrom countries and territories like Singapore, China, Hong Kong (China), Japan, and the USunder the Foreign Business Act with a combined registered capital of 22 billionTHB./.
Thai officials and businesses expect that the visa exemption agreement between China and Thailand, which took effect on March 1, will boost post-COVID-19 recovery of the tourism industry - one of its key economic sectors.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
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Tourism recovery is expected to help increase new business registrations in Thailand this year. (Photo: AFP/VNA) 
