T HA IL A ND
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Thailand is ranked 26th out of 190 economies for ease of doing business by the World Bank
CLOCKWISE FROM TOP LEFT:
U-Tapao
International Airport; a
map showing the EEC’s
development
plans; and lush fruit in a local market
In June, The Bangkok Post reported Minister of Industry Uttama Savanyana discussing talks with European companies: “Investors from Britain are interested in biotechnology and electric cars, and we will meet with France’s Airbus to talk about investment for maintenance repair and overhaul centres in the EEC provinces as Airbus signed a memorandum of understanding last year,” he said. New business ventures, heavy investment and entrepreneurial spirit create a fertile breeding ground for meetings, exhibitions and events (the MICE industry), which is expected to receive a major boost from the EEC development.
For TCEB the focus is particularly on attracting conference and trade shows relating to the ten S-curve industries. “So far we have been able to attract CEBIT ASEAN 2018 from Germany, to showcase digital innovation, Future Energy Asia 2018 from the UK, and Medical Devices ASEAN 2018,” says Yoswee. Beachside city Pattaya, half an hour from U-Tapao, is already a strong player in the EEC MICE market, with two international convention centres (including the Pattaya Exhibition and Convention Hall (PEACH) and the Nongnooch International Convention and
SEP T E M B ER 2 0 18
Exhibition Centre), 30,000 business-friendly hotel rooms, plus a raft of entertainment and incentive options.
“Pattaya’s strength lies in the fact that it can be an alternative to Bangkok. It has a vibrant mood of business like Bangkok, but at the same time it has a seaside setting, international restaurants and various attractions. The fact that in the future it will be linked with Bangkok via high-speed train will also make it a strong choice,” says Yoswee.
CUTTING THE RED TAPE
So if you’re not already doing business in Thailand, should you be? Thailand is currently ranked 26th out of 190 economies in terms of ease of doing business by the 2017 World Bank ratings, and according to Ulrich Eder, managing director of Bangkok-based law firm Pugnatorius, there are lots of pre-existing incentives for foreign businesses. “Traditionally, Thailand’s investment promotion agency, the Board of Investment (BOI), grants tax holidays for foreign investments, allows foreign land ownership and up to 100 per cent foreign shareholding in Thai companies,” he says. “Within the Eastern Economic Corridor, these benefits have now been taken to the next level, by extended tax holidays, tax reductions, smart visa schemes, additional opportunities to acquire property and a bundle of other benefits.
bus ine s s tr a v el ler .c om
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