Bridging the gap

Heavy industry remains the driving force of the national economic growth. With cheap, yet skilled labors, coupled with attractive government’s promotion packages, Thailand is one of the most favorable destinations for many companies to construct their manufacturing hub to feed the entire region. Eligible investors enjoy privileges, ranging from CIT and import duty exemption, and land ownership. Government is particularly interested in green vehicles and electronic vehicles, manufacturers of which will enjoy attractive benefits.

More and more companies are increasing the number of their CSR activities. While planting trees and donating items will benefit communities, CSR can be more than a one-off activity for your employees and for the media. True sustainability development is an area less explored by businesses. Although sustainability report is not required by the authorities, some companies are turning their attention to an all-encompassing strategy for sustainable transformation of their core businesses.

Geopolitics, market volatility and new innovations are some of the main driving forces behind the energy, oil and gas industry. While there are opportunities in the traditional sectors, the governments around the world, Thailand included, are preparing for the inevitable shift towards clean and renewable energy. The National Energy Plan calls for multiple opportunities for new energy ventures that will contribute to the country’s effort to enhance energy security.

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In today's market, compliance around Environmental, Social, and Governance (ESG) practices has become mandatory in many areas. Strong ESG reporting does not only demonstrates your commitment to sustainability, social responsibility, and ethical business practices, but will also open door to many new opportunities globally. ESG compliance mitigates risk and ensures compliance. Our expert ESG reporting services can help you navigate this evolving landscape and showcase your positive impact.

While the overall FMCG segment has been experiencing a slow-down in the recent years, food and beverage being one of the most affected, premium and luxury products, as well as those customized products for urban lifestyle have seen a steady growth. Low-spending consumers resorted hypermarket where products are sold in bulk at cheaper prices. As a part of the national plan, the government is promoting value-added products and services, including smart farming to strengthen Thai agricultural industry, to boost development for those living upcountry.

Thailand’s universal health coverage is one of the most studied cases globally for its successful introduction as well as the challenges in the implementation and financing. Thai healthcare industry as well as medical technology are respected worldwide. With over 1,000 hospitals around the country, 470 are private, and 37 are JCI-certified. The country sees over a million medical tourists since 2000 annually travelling to Thailand for its world-class quality, but cheap medical treatments. Rigid rules and regulations for medical products further ensure the quality of care is up to the international standard.

To accommodate the Thailand 4.0 policy, infrastructure and public utilities are fundamental to the development. Public highways, railways, sea ports, airports, electricity and water, as well as basic infrastructure for internet connectivity are being discussed by the government to allow for seamless operation of business. While public funding for state-owned enterprises decreases for 2019, new infrastructure developments are being introduced every couple of months inviting public-private partnership (PPP) and foreign companies to invest in the projects.

Innovation, digital technology, and startups are amongst the rising stars of the national economy. The government is laying down basic infrastructure for the digital age. 24,000 villages around the country can now access broadband internet for free. Investments in advanced technology are subsidized. Supported by other numerous schemes and initiatives, companies are gearing towards an inevitable transformation of their brick-and-mortar businesses, employing tech-savvy workforce, using clouds and automation, in preparation for the digital future.