2. Thai economics is expanding rapidly.Apart from tourism development, Thailand is also trying to expand foreign-licensed industries to attract more foreign investors and open new channels for foreign investors. The Department ofInternational Economics Affair promotes its “New Growth Engines” program, which includes driving the vehicle of the future, smart electronics, orthopedic tourism for health, agriculture, biotechnology and food business. The new sources of investment will include sectors such as robotics, aviation, logistics, biofuels, and biochemicals, digital technology and health services. Currently Thailand has developed into a new industrial country.
- Thailand has a complete infrastructure to support government and industry.Thailand has good infrastructure such as ports, railways, urban rail transport, air transport, and many express ways that enable easy transportation of goods to China, Cambodia, Vietnam, Myanmar, Laos and other countries in South East Asia. This year, the success of the signing of a high-speed rail project contract between China and Thailand will help Thailand develop into a transport and logistics hub in ASEAN, along with commercial opportunity, investment and tourism in all regions along the way.
- Thai government support foreign investors with strategic development plan “Thailand 4.0”. To promote and support entreprises fund by China to invest in Thailand with low tax and special incentive policies for foreign investors. In Thailand, Value Added Tax rate is at 7% and corporate income tax rate is at 20%. Thailand’s competitiveness ranks third among ASEAN countries and can provide income tax reductions for up to 13 years.
- Thai and China have close and friendly relations. Stable and disputed political ties from history. Thailand is one of the countries with a large number of Chinese nationals, not excluded from China. Both countries exchange frequent visits and cooperated in depth in all areas. The Year 2020 marks 45thanniversary of the establishment of diplomatic relations between China and Thailand.
- Thai society is stable, harmonious, safe and legal. Thai people is friendly and kind. The quality of labour is generally high.