General Information

The main drivers of growth in Thailand are household consumption (due to the emergence of a prosperous middle class), business investment and exports. The country remains a good base for industrial set-ups.

Since the creation of the Asean Economic Community at the end of 2015, Thai products exported to the region - an area of 670 million high-growth inhabitants - have been largely exempt from tariff barriers.

Based on an economy largely centred on agriculture, Thailand has developed its light and heavy industry and is now aiming to become a developed economy based on innovation and technology. The priority sectors promoted by the government are the digital industry, aviation and logistics, bio-fuels and bio-chemicals, a medical hub and robotics.

Means of Payment & Banking Specificities

It is preferable to work with large local banks on the basis of documentary credit and to carry out transactions in USD or in any other foreign currency to avoid the exchange risk. However, attention must be paid to the registration procedures at the Central Bank.

The Bank of Thailand considerably liberalised its exchange regulations in April 2015.