With so much attention focusing on China many Australian businesses may be unaware of opportunities in the wider South East Asian region, an investment seminar was told last week.
Mr Kevin Cranfield, Managing Director, Bentleys NSW said Thailand is a unique place to do business and there are significant opportunities for Australian companies.
“Thailand is the gateway to much of South East Asia, a market of some 660 million people, and one that is growing in importance and value everyday,” Mr Cranfield said.
Bentleys NSW, a chartered accountancy and businesses advisory firm, hosted the Thailand Board of Investment seminar in Sydney.
Opening the seminar, Mr Chirachai Punkrasin, Ambassador Extraordinaire and Plenipotentiary, The Kingdom of Thailand to Australia, told guests Thailand was an attractive investment destination.
He detailed plans by the Thai Government to take advantage of its geography “to provide comprehensive connectivity to the regions vast populations and markets”.
“Thailand is investing US$73 billion dollars in infrastructure projects including, high speed rail projects, airports and mass transit systems to support its future growth and prosperity,” his Excellency said. This makes Thailand an attractive investment destination, and will underpin regional growth for decades to come.”
Ms Duangjai Asawachintachit, Deputy Secretary-General, Thailand Board of Investment, said the Thailand Board of Investment has been among the most successful in Asia.
The Thai Government is committed to attracting international, private sector investors, she said.
“Thailand is very supportive of foreign direct investment, especially from Australian companies looking to expand their businesses into South East Asia. Thailand is one of Australia’s most important markets in the region with bilateral trade doubling in the decade from 2005 to 2014, from $9.6 billion to $19.1 billion.”
Investor friendly incentives
Ms Asawachintachit said Thailand has in place investor friendly government grants, tax incentives and has created Special Economic Development Zones.
Its government policies are designed to attract investors to the border areas of Thailand and connect with neighbouring ASEAN countries.
“If you are looking to invest in the region I invite you to contact us at the Thailand Board of Investment, we have an office in Sydney and you will get a warm welcome,” Ms Asawachintachit said.
There are over 300 Australian companies already established in Thailand. This includes Multinationals and SMEs.
Areas of focus include manufacturing, automotive, biotech, professional services, agribusiness, and food and beverage.
Bentleys NSW provides company structuring, taxation and professional advice for businesses considering investing in Thailand.
For more information contact Bentleys NSW: (02) 9220 0700 or for information on available incentives contact the Thailand Board of Investment on (02) 9252 4884.