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ASEAN’s 660 million consumers
A key factor in Thailand’s attraction to investors is its extraordinarily strategic location. A country with a population of 69 million (larger than Britain and France), it stands at the heart of the ASEAN Economic Community, a 10-nation Southeast Asian common market of 660 million consumers.
Thailand is ASEAN’s second largest economy and a top 10 two-way trading partner for Australia. It has globally significant, export-oriented industries in automotive, agribusiness, electronics and tourism. Thailand’s 20-Year National Strategy (2017–2036) outlines its plans to achieve developed-nation status. ‘Thailand 4.0’ is the government’s key policy program aimed at transforming the country into a value-added, innovative and knowledge-based economy.
These plans aim to enhance the international competitiveness of high-potential industries. Trading partners such as Australia, Japan and the US will benefit enormously as Thailand transform its traditional companies into smart companies, and its traditional services into high-value services.
Also, organizations such as Austrade has identified significant opportunities for Australia to contribute to Thailand’s 4.0 ambitions across a number of sectors and is taking forward initiatives in advanced manufacturing (aviation, automotive, packaging and processing equipment), services (tourism, health care), food and beverages, digital economy (fintech, cybersecurity and e-commerce), smart cities (road safety and intelligent transport), and education (vocational higher and education
Thailand increasingly offers Australian firms
A base to realize the commercial opportunities in the Greater Mekong sub-region,some of the fastest-growing and emerging markets in Asia. There are more than 200 Australian firms operating in Thailand, including a cluster of around 20 automotive manufacturers within the EEC. These firms service domestic, regional and international markets
More than 25 Australian digital companies have established operations in Thailand in the past five years. Commercial opportunities exist for Australian firms across many sectors, especially in those targeted as part of the Thailand 4.0 strategy. Australian firms could
Australian firms could also offer
- services, technology or know-how to help modernize local industries
- niche expertise for major infrastructure, smart cities and connectivity projects, and
- goods and services to meet the needs of increasingly affluent Thai consumers, including premium food and beverages and international education.
Source: Australian Department of Foreign Affairs and Trade
