According to the Tourism Council of Thailand, last year was a “golden year” for the industry, with visitor arrivals hitting a record number of nearly 22 million, pumping £19.2 billion into the economy.
With such breathtaking scenery, fabulously delectable cuisine and a genuinely hospitable people, Thailand has long been a favourite tourist destination for global travellers.
In recent years, however, Thailand is taking a slightly different stance on its brand building. Prime Minister Yingluck Shinawatra’s numerous official international visits are a sign of how she wants to revamp Thailand’s image from a welcoming nation to an inviting one, taking a more active rather than passive role at forming international collaborations. Thailand’s government is also positioning itself to segue from an export-based economy to a knowledge-based one.
In its revised Investment Promotion Privileges and Strategies, the Thailand Board of Investment (BOI) underscores the need for greater competitiveness and value creation within the industrial sector, as well as greater development of the green industry so as to create a more balanced and sustainable growth.
The BOI also plans to grant investment promotion privileges to incentivise research and development, environmental protection and the concentration of new investment in industrial clusters scattered throughout the different regions.
An added measure in the new strategy will be the removal of certain activities from the privilege eligibility list, including those that have low technology, low value-added output, labour-intensive production, and high energy consumption. Nevertheless, companies that currently enjoy incentives will not be affected by the revised strategy, whose full implementation will come in January 2015, thus allowing for a generous transition period.
It is not merely tourists to Thailand that seek beautiful and comfortable surroundings; investors and entrepreneurs also head to the Southeast Asian country for the remarkable quality of life. TCC Group, one of Thailand’s largest holdings whose companies include ThaiBev, TCC Technology and TCC Land, is certainly an “inviting” firm. Its property development arm, TCC Land attracts major international firms to its fully equipped offices in Bangkok, ideal their for regional headquarters.
Panot Sirivadhanabhakdi, Senior Executive Vice President, Strategic Planning TCC Holding, underscores Thailand’s realistic potential as a home base for multinationals: “We can be a good supporter of the major economies in Asia like China or India. We are not trying to be the centre of everything, but knowing ourselves and our own strengths would be the key to progress.”
“TCC facilitates for major companies to build their HQ here with the necessary luxury, access and other services required. This is the path we follow because we believe that the core development of Thailand depends on Asia’s immense potential,” he adds.
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