The document summarizes Thailand Science Park, which links the public and private sectors through research and development. It has over 80 tenant companies, including 30% international firms, and provides infrastructure and laboratories. Projects include developing low-fat sausages and using rubber latex in skincare. The park supports SME innovation and will complement the Eastern Economic Corridor initiative through three new science and technology parks focused on biotech, automation, and advanced materials. Tenants receive government incentives for R&D activities.
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
Thailand is already a significant market for industrial robots. In
2017, Thailand was the 3rd largest market in ASEAN and, by 2018, it was estimated to have become the 2nd largest. Recognizing the importance of automation and robotics, the Thai government has implemented various measures to promote the growth of these key industries. The use of industrial robots in the country is therefore expected to continue growing.
BOI recognizes the importance of automation and robotics and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
Strategically located at the heart of Asia, Thailand aptly serves investors as a dynamic gateway to a fast growing economic market. Our growing economy, world-class infrastructure, competitive human capital and strong government support, are responsible for our key position as one of the most attractive investment destinations for foreign investors.
Thailand's medical devices sector is one of the most well-known and well-established sectors in ASEAN countries. To better illustrate, the trade value for this industry is 19.93 billion US dollars.
Thailand serves as an economic hub of Asia by virtue of its strategic location in the heart of the AEC benefiting production, trade, exports, and logistics. The country borders Cambodia, Laos, Myanmar, and is a short distance from Vietnam, countries known as CLMV, which are undergoing rapid growth. Thailand is therefore one of the most suitable investment destinations - connecting Asia to the world.
The Royal Thai Government recognizes the importance of sustainable economic development. Various policies have been introduced to address technological, economic and institutional challenges to move the country towards a sustainable biobased economy.
Thailand has grown to become the world’s number one producer and exporter of natural rubber due to its tropical climate as well as effective and advanced cultivation methods. BOI recognizes the importance of the rubber industry, and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
Thailand will lead a national development strategy, Thailand 4.0 as sustainability grow, with the digital industry as one of the development strategies. Thailand is one of the high ranks of the internet users.
BOI recognizes the importance of automation and robotics and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
Strategically located at the heart of Asia, Thailand aptly serves investors as a dynamic gateway to a fast growing economic market. Our growing economy, world-class infrastructure, competitive human capital and strong government support, are responsible for our key position as one of the most attractive investment destinations for foreign investors.
Thailand's medical devices sector is one of the most well-known and well-established sectors in ASEAN countries. To better illustrate, the trade value for this industry is 19.93 billion US dollars.
Thailand serves as an economic hub of Asia by virtue of its strategic location in the heart of the AEC benefiting production, trade, exports, and logistics. The country borders Cambodia, Laos, Myanmar, and is a short distance from Vietnam, countries known as CLMV, which are undergoing rapid growth. Thailand is therefore one of the most suitable investment destinations - connecting Asia to the world.
The Royal Thai Government recognizes the importance of sustainable economic development. Various policies have been introduced to address technological, economic and institutional challenges to move the country towards a sustainable biobased economy.
Thailand has grown to become the world’s number one producer and exporter of natural rubber due to its tropical climate as well as effective and advanced cultivation methods. BOI recognizes the importance of the rubber industry, and offers a wide range of tax and non-tax incentives for projects that meet national development objectives.
Thailand has long been a regional leader of E&E production. Renowned for export of hard-disk drive as well as other electronic products, the country’s export reaches USD 34 billion in 2020 according to Ministry of Commerce. Beside HDD, key export products include integrated circuits (IC), semiconductor, transistor, diode, and other mobile equipment parts. These samples of product combined account for over 60 percent of E&E export.
Thailand will lead a national development strategy, Thailand 4.0 as sustainability grow, with the digital industry as one of the development strategies. Thailand is one of the high ranks of the internet users.
Establishing NSTDA - Industry Linkages: Industrial Technology Assistance Prog...Songphon Munkongsujarit
The presentation gives an overview of the Industrial Technology Assistance Program (iTAP) at National Science and Technology Development Agency of Thailand and how the program helps stimulate economic growth of Thailand through the use of technology.
If you wish to set up an operation in Thailand, your best contact point is the Office of the Board of Investment (BOI), which operates under the Office of Prime Minister and is the principal government agency for attracting investment. The BOI is available to assist you in numerous ways.
The Asian and Pacific Centre for Transfer of Technology (APCTT) is a regional institution of the United Nations Economic and Social Commission for Asia and the Pacific (ESCAP) servicing the Asia-Pacific region.
The National Research Development Corporation (NRDC) was a non departmental government body established by the British Government to transfer technology from the public sector to the private sector.
TIFAC is an autonomous organization set up in 1988 under the Department of Science & Technology to look ahead in technology domain, assess the technology trajectories, and support innovation by networked actions in select areas of national importance.
Biotech Consortium India Limited (BCIL) is a public limited company, promoted by the Department of Biotechnology (DBT), Ministry of Science and Technology, Government of India and set up by All India Financial Institutions including IDBI, ICICI, IFCI, UTI and IFCI Venture Capital Funds Limited.
Eye on industry Precision Engineering : Poised for Growth with $5.6m Investment Liu PeiLing
One critical area is to tackle the training of computer numeric control (CNC) machinists, which traditionally requires one machine for one machinist, resulting in heavy capital investment. SPETA, together with SIMTech, developed a simulator for training CNC machinists which significantly reduce the training hours spent on the actual machine and machine resources required. As a result, the number of students trained is also doubled.
Wake up india, its time to invest in r&d white paper by scpl nov 2019Rajeev Surana
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Presentation file on "Thailand: An ASEAN Hub, A World of Opportunities" by Ms. Ajarin Pattanapanchai, Senior Executive Investment Advisor, Thailand Board of Investment, June 15, 2015 at Courtyard Philadelphia Downtown (BIO 2015)
Similar to Thailand Investment Review, August 2017 (20)
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
The guide provides an overview of the business environment in Thailand, with information about company establishment, taxation, intellectual property rights, and legal issues.
Presented by Asst. Prof. Nayot Kurukitkoson, PhD, Executive Committee of the EEC Human Development Center, and Vice President for EEC Affairs, Burapha University, on March 16, 2023
Thailand has an extensive innovation network made up of various supporting parties, from government bodies, the private sector, to venture capital and other organizations including research laboratories and academic institutions.
Thailand is the perfect second home for expats. The country was ranked 14th out of 59 global locations with the nation’s capital Bangkok placing 4th in Asia in the Expat City Ranking 2021,5 with the majority of expats expressing satisfaction with the cost of living and their quality of life in Thailand.
The Guide to the Board of Investment was prepared by the Office of the Board of Investment to provide information regarding investment promotion, including benefits and privileges, list of eligible activities, related announcements and, also, investment promotion application’s criteria and conditions.
Thailand is introducing a new visa called “Long-Term Resident (LTR )” which is a program that provides a range of tax and non-tax benefits to enhance the country’s attractiveness as a regional hub for living and doing business for high potential foreigners.
Presented by Mr. Varghese Poulouse Nalian, President & General Manager of Performance Additives Business, Momentive Performance Materials (Thailand), on June 29, 2022
This measure is aimed to promote investment in targeted activities in three provinces – Chachoengsao, Chon Buri, and Rayong, as well as to encourage private sector to participate in human resource development. As EEC development is part of the policy to drive Thailand towards Thailand 4.0, investors in the targeted activities located in designated areas or in promoted industrial estates/industrial zones, or the investors involved in the human resource development in the EEC will enjoy additional tax incentives, apart from a standard tax package.
Thailand is introducing a new visa under "Long-Term Resident (LTR)" program, which provides a wide range of tax and non-tax benefits to enhance the country's attractiveness as a regional hub for living and doing business for "high-potential" foreigners.
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Thailand Investment Review, August 2017
1. Thailand Science Park -
linking the public and
private sectors through R&D
Services as the new growth
driver for Thailand
Delivery service providers
growing with e-commerce
THAILAND BOARD OF INVESTMENT
www.boi.go.th
August 2017
vol. 27 no. 8
2. Thailand Investment Review
Petrochemicals
23 projects
764.88 M
Medical
7 projects
62.51 M
Textile & Garment
2 projects
17.35 M
Electrical & Electronics
32 projects
664.52 M
Agro Processing
16 projects
188.54 M
Tourism
8 projects
373.60 M
Digital
54 projects
9.57 M
Automotive
19 projects
878.59 M
Aerospace
1 projects
1.82 M
2 I AUGUST 2017
Foreign investment by target sectors
BOI NET APPLICATION
(January - June 2017)
Automation & Robotics
5 projects
18.75 M
TIR CONTENT August 2017
02 I BOI Net Application
03 I Cover Story
Thailand Science Park - linking the public and
private sectors through R&D
05 I Industry Focus
Services as the new growth driver for Thailand
07 I Short Article
Delivery service providers growing with e-commerce
08 I Company Interview
Agoda – Asia’s leading online hotel platform
09 I News Bites
10 I Missions and Events
11 I Thailand Economy-At-A-Glance
12 I About BOI
Total investment
612 projects
8.73 Billion
Total foreign
investment
371 projects
3.56 Billion
United
Kingdom
16 Projects
62.78 M
Russia
1 Project
83.23 M
Japan
117 Projects
1,957.00 M
Luxembourg
2 Projects
74.38 M
Hong Kong
13 Projects
100.07 M
China
35 Projects
213.36 M
Singapore
45 Projects
456.39 M
THAILAND
Unit: US$ (US$ = 33.4364 THB )
Note: Investment projects with foreign equity participation from more than one
country are reported in the figures for both countries / Statistics on net applications are
adjusted whenever applications are returned to applicants due to insufficient information.
For more details, please see link http://www.boi.go.th/index.php?page=Report_investment
Foreign investment by major economies
Taiwan
19 Projects
91.94 M
South Korea
17 Projects
89.21 M
Switzerland
7 Projects
88.32 M
3. Thailand Investment Review
AUGUST 2017 I 3
COVER STORY
Thailand Science Park - linking the public
and private sectors through R&D
T
hailand Science Park (TSP), under the
management of the National Science
and Technology Development Agency
(NSTDA), was established in 2002 as a
platform to strengthen capabilities in research
and innovation in the private sector. Covering
an area of 200 rai (80 acres), Thailand’s first
Science and Technology Park has a goal of
linking the government and private sector at
all levels, ranging from startups and SMEs to
large companies, to effectively take part in the
industry value chain. TSP provides state-of-
the-art R&D infrastructure in an atmosphere that
fully supports an innovation-driven ecosystem.
With four national research centers in
the areas of Biotechnology, Electronics and
Computer Technology, Metals and Materials
Technology, and Nanotechnology under
the Ministry of Science and Technology’s
National Science and Technology Development
Agency (NSTDA), the park is well-prepared to
accommodate the research, development
and innovations of private companies. It is
fully equipped with infrastructure readiness
and laboratories at an international standard,
with a utility space of over 264,000 sq m.
and over 2,000 researchers, providing an
opportunity for private sectors to gain access
to highly-skilled personnel.
A fully-integrated R&D hub for the private
sector
Creating a suitable environment for an
innovation ecosystem, the park offers a full
range of value-added services to support
technology businesses including rental space
for laboratories for private tenants from both
domestic and international corporations,
vacant land for the construction of research
centers and pilot plants, testing service
centers and banking services.
Over 80 companies have already set up
their laboratories at Thailand Science Park, of
which 30 percent are international companies
such as Sumitomo, Zoetis and Haydale. Many
leading Thai companies such as Betagro,
SCG, PTT, and Mitr Phol are also represented.
In 2017, NSTDA has targeted economic
impact at THB 22 billion (USD 658 million).
Aiming to enhance the park’s competitiveness
and strengthen Thailand’s industrial value
chain in science and technology, the NSTDA is
targeting an additional 15 tech companies
each year, 50% of which are in the food,
automotive, automation and medical clusters.
With more than 500 R&D projects created
each year by the park’s tenants, roughly 50
percent are joint projects between the NSTDA,
universities and private companies, and many
projects are successfully being developed at
the park. Around 300 of these projects are
being commercialized each year.
Betagro Low Fat Sausages
By joining on R&D with the NSTDA, Betagro, a
key player in agro-industrial and food business
sector, successfully launched their innovative
“Betagro Low Fat Sausage” product. While
common sausage contains 20% fat, Betagro’s
Low Fat Sausage has less than 5%, fat content
that is four times lower than normal sausage.
As low fat sausage normally lacks great taste,
Over 80
companies
have already
set up their
laboratories
at Thailand
Science Park,
of which 30
percent are
international
companies
such as
Sumitomo,
Zoetis and
Haydale.
4. Thailand Investment Review
4 I AUGUST 2017
researchers from the NSTDA and Betagro
worked together to develop an innovative
product that still offers a chewy taste and soft
texture to best fit customer satisfaction.
Betagro has continued to conduct R&D with
the NSTDA, with a budget of THB 10 million
(USD 0.3 million) to study the structure and
functions of meat for processing and
development as healthier products.
Funding Thai SMEs for future growth
With an increase in government funding in
recent years, the NSTDA also offers financial
support to various sectors. The Innovation
Technology Assistance Program (iTAP)
supports SMEs to increase their productivity
and efficiency, and targets roughly 4,000
projects per year. The NSTDA will provide
specialists and researchers as well as financial
support to help Thai SMEs in linking R&D and
innovation with the right technology transfer.
For example, PSU Innovation Trading, a
local SME in the southern part of Thailand,
received comprehensive support from the
NSTDA in collaboration with Prince of Songkla
University in providing specialists for research
and develop in rubber latex to be a skincare for
facial treatment. Being an important and
strategic resource in Thailand, rubber products
were upgraded in cooperation with the NSTDA
and the company, as a value-added product.
The project was successfully adopted to
increase the effectiveness of absorption as a
skincare product, contributing to important
innovations that help strengthen the value
chain of rubber products.
Moving to achieve Thailand’s goal
In moving towards Thailand 4.0, the Thai
government is implementing a transformation
of the country’s economic structure into an
innovation-driven economy. The Eastern
Economic Corridor (EEC) is a major component,
and is designated to be a targeted area in
driving the 10 S-Curve industries. The
infrastructure development plan, including
U-Tapao Airport, Laem Chabang port and
high-speed and double-track railways, will
provide an important boost to further enhance
industrial growth in the area.
The next strategic move for Thailand
Science Park is the Eastern Economic Corridor
of Innovation (EECi). To further reinforce and
complement the 10 S-Curve industries, EECi
will become the hub for industrial research to
support growth in the EEC. EECi will support
innovation through testing centers, pilot plants,
and technology demonstrations through an
integrative platform to link innovators and users.
EECi, targeted as a service close to the end-
user market, will be comprised of three mega
science and technology parks: BIOPOLIS,
ARIPOLIS and SPACEKRENOVAPOLIS.
Companies will be able to move into EECi to
conduct innovation related activities in their
respective premises which will be completed
in 2021. EECi will therefore serve as a hub for
industrial research and innovation and have an
important role in using science and technology
to further strengthen Thailand’s position in
global markets.
Exclusive R&D privileges for park tenants
The tenants at Thailand Science Park will
receive special privileges from the government
through various agencies aiming to support
R&D activities, as well as supporting the
country’s development.
Privileges from the Board of Investment
(BOI) include an exemption of import duties on
machinery and equipment imported for use in
the R&D process, and a corporate income tax
exemption for up to 13 years with an additional
50% reduction for five years. Work permit and
visa facilitation for foreign specialists and
researchers will also be provided.
Incentives from the Revenue Department
will cover the accelerated depreciation
allowances for machinery used in R&D and a
300% Corporate Income Tax deduction for
technology and innovation research and
development expenses.
With committed government support,
Thailand Science Park is an important center
for advanced infrastructure and human capital
that will serve as the backbone of Thailand’s
R&D by creating innovative products that
further strengthen Thailand’s economy over
the long-term.
To further
reinforce and
complement the
10 S-Curve
industries, EECi
will become the
hub for industrial
research to
support growth
in the EEC.
5. Thailand Investment Review
AUGUST 2017 I 5
D
riven by an increasingly larger role in
overall output and employment, the
service sector is dominating the global
economy. According to the World Bank, 69%
of global GDP is now driven by the service
sector. Services have become increasingly
important for growth on a global level due to
their complementarity with manufacturing,
from R&D to after sales service.
In 2016, the share of revenue from the
service sector accounted for 56% of the
country’s GDP, a prime determinant of national
income. It encompassed diverse industries
such as tourism, healthcare, communications,
transportation and R&D.
The world’s top tourist destination
Accounting for 17% of the country’s GDP,
tourism is a key revenue source for Thailand
which remains a top destination for travelers
from around the world. In 2016, there were 33
million foreign visitors to Thailand, The sector
generated total revenue of THB 2.52 trillion
(USD 75.4 billion), a notable increase of 11%
from 2015.
The tourism-related sector, including hotels
experienced 6% growth in 2016. Some high
performers could even experience a double-
digit growth in this sector. For example, the
Erawan Group, Thailand’s leading hospitality
company with diverse hotels in key
destinations in the country, experienced an
increase in revenue of 14% from 2014-2016, far
outpacing the industry’s growth rate. In addition
to direct income from tourism spending, the
sector contributes to the economy through
job creation and investments. With Thailand’s
cultural and culinary delights, Le Cordon Bleu
has joined forces with Dusit Thani to open Le
Cordon Bleu Dusit Culinary School. The
school offers both local and international
Services as the new growth
driver for Thailand
In 2016,
there were
33 million
foreign
visitors to
Thailand.
The sector
generated
total revenue
of THB 2.52
trillion (USD
75.4 billion),
a notable
increase of
11% from
2015.
students the opportunity to experience the
best of French and Thai gastronomic training
as one of the leading culinary educational
institutions in the Asian region.
The hub of wellness and medical
tourism
With its world-class medical facilities and
premium healthcare services at highly
competitive rates, Thailand is aiming to
become the leading destination for medical
tourism. In 2015, the medical tourism segment
maintained strong growth with revenue totaling
THB 105 billion (USD 3.1 billion) from income
generated by private hospitals. This represents
annual revenue growth of 15%. Over two million
international patients travel to Thailand every
year for medical treatment. Private hospitals
are taking action. For example, Bangkok Dusit
Medical Services (BDMS) invested THB 10.8
billion (USD 323 million) to acquire Park Nai
Lert Hotel to develop a new state-of-the-art
wellness clinic. The clinic will provide premium
comprehensive wellness and preventive
healthcare services to upmarket Thai and
international customers. BDMS will be
investing another THB 2 billion (USD 59.8
million) to develop the new wellness clinic.
The Medical and Wellness Tourism sector
continues to possess strong potential as many
INDUSTRY FOCUS
International tourist arrivals in Thailand 2012-2016
[In million people]
2012 2013 2014 2015 2016
40-
30-
20-
10-
0-
22.4
26.5 24.8
29.9
9.9%*
Source: Tourism Authority of Thailand *CAGR 2012-2016
32.6
SERVICES
Vecteezy.com
6. Thailand Investment Review
6 I AUGUST 2017
LINE
Corporation
(Thailand) has
experienced
widespread
growth over
the past year,
surpassing 33
million active
users in 2016,
making it the
second largest
market after
Japan.
countries in the world are having to deal with
rapidly ageing societies. Quality healthcare
services will be an important solution and will drive
further demand along with increased activities
in medical devices and pharmaceuticals to
support growth in medical tourism. Thai Otsuka
Pharmaceutical and Cardinal Health are two of
many examples. Thai Otsuka Pharmaceutical
recently invested in its new medical food
production plant which will be able to handle a
fourfold increase in manufacturing capacity.
Cardinal Health, a global, integrated healthcare
servicescompanythatdistributespharmaceuti-
cals and medical products, also recently complet-
ed its expansion for the manufacturing of
surgical gloves last year with an investment of
over THB 8 billion (USD 239 million).
Communicating in a digital world
As one of the government’s ten targeted
industries, the Digital Economy encompasses
tremendous opportunities within the service
sector. With an internet penetration rate of
67% and 46 million Thais who have access to
internet platforms, Thailand is a world leader in
the number of internet and social media users.
Currently, communications are conducted
through social media platforms, with roughly
75% of total mobile messaging being done
through instant messaging apps.
With a high number of internet users and
social media penetration in the country, LINE
Corporation (Thailand), a global mobile platform,
has experienced widespread growth over the
past year, surpassing 33 million active users in
2016, making it the second largest market
after Japan. Thailand is also one of Facebook’s
largest markets. There were more than 47 million
Facebook users in Thailand as of May this year,
ranking the country ninth in the world. As the
country continues its transition to an era of
connectivity and digitalization, the Digital
Economy opens up a new investment frontier
given Thailand’s rapidly growing internet-led
consumer market.
Growing into ASEAN’s logistics hub
Thailand is rapidly emerging as a key logistics
hub with its well-developed infrastructure,
growing regional trade links and its location in
the heart of Southeast Asia. According to the
Office of the National Economic and Social
Development Board (NESDB), logistics costs
as a percentage of GDP in Thailand have
declined significantly over the past 10 years,
from 18% in 2007 to about 14% in 2016. This
represents significant progress in further
developing this valuable and growing sector.
Taking advantage of the emerging digital
market, the logistics sector will benefit from
increased demand for product shipments in
addition to the convenience of conducting
business and completing transactions using
online platforms. Apart from state-owned
Thailand Post which has over 1,200 postal office
outlets throughout the country and a strong
distribution network, Lalamove, Kerry Express,
SCG Express in partnership with Yamato, DHL
eCommerce, and FedEx are a few of many
door-to-door logistics service providers apart
from industrial logistics players such as Yusen
Logistics, CEVA Logistics and WHA Logistics
in Thailand. Kerry Express has effectively
tapped into the Consumer to Consumer (C2C)
market having the highest percentage in the
online C2C market in the world. Today, this
segmentcontributesover60%ofthecompany’s
total revenues. SCG Express, a newcomer to
this thriving market, also unveiled an expansion
plan to cover all of Thailand through its
distribution network by 2018.
Providing R&D for science and
technology
In shifting the country to a knowledge-based
economy through Thailand 4.0, R&D will be a
core sector in helping Thailand to strengthen
its value chain and achieve its long-term
economic goals. The government and the BOI
are targeting increased R&D in Biotechnology,
Nanotechnology, Advanced Materials
Technologies and Digital Technologies,
whereby local researchers will be further
supported by the BOI through the Strategic
Talent Center (STC) which will link up available
research personnel for the private sector for
their R&D and innovation activities. From the
beginning of 2016, the BOI has approved
investment incentives for 40 projects in the
biotechnology sector involving research and
development (R&D). The approval of these
projects, worth THB 6.4 billion (USD 191.4
million), underscores the confidence that
investors have in Thailand’s future.
A brighter future through services
The service sector will serve as a new growth
driver to support Thailand in achieving higher
incomes and new job opportunities serving
both domestic and global markets. In moving
towards higher value-added services, the
government is committed to ensuring that
these positive trends continue, guaranteeing a
new wave of growth.
2nd
largest in the world
Number of
Line accounts
(33 million, 2016)
7th
highest in the world
67% Social media
penetration
(46 million, 2016)
16th
highest in the world
67% Internet
penetration
(46 million, 2016)
7. Thailand Investment Review
AUGUST 2017 I 7
SHORT ARTICLE
T
he e-commerce market in Thailand has
shown impressive growth, advancing
35.7% annually from 2012-2016.
Delivery services have become a vital link in
this chain connecting vendors on online
platforms with end users. Logistics providers
can take advantage of growing opportunities
to ensure convenient and fast shipping
services allowing their customers to spend
more time focusing on and growing their
businesses.
On-demand delivery serves
convenient lifestyles
Originally founded in Hong Kong, Lalamove
began its operations in 2013, and has grown
their footprint across the Asia-Pacific region
into Singapore, China, Taiwan, the Philippines
and Thailand. Lalamove expanded to Thailand
in 2014, bringing reliable on-demand services
to consumers and providing convenience to
their increasingly busy lifestyles. Mr. Chanon
Klahan, Managing Director of Lalamove
Thailand, said the company saw a massive
600% increase in revenue from THB 20 million
(USD 0.6 million) in 2015 to THB 120 million
(USD 3.6 million) in 2016, thanks to explosive
growth in Thailand’s e-commerce market.
Mr. Chanon Klahan,
Managing Director of
Lalamove Thailand
The company operates a fleet of
motorcycles, which accounts for 90% of
deliveries, and also provides hatchback and
pickup truck deliveries to meet diverse
customer needs.
Targeting the Business to Business (B2B)
segment in areas such as e-commerce, food
& beverage and retail, Lalamove has
development partnerships with some heavy
hitters such as Google, LINE and IKEA. The
company’s growing market, which began by
covering the B2B segment, is now beginning
to tap into the Business to Customer (B2C)
segment as an increasing number of
consumers are reaching out for on-demand
deliveries through Lalamove’s app.
Overwhelming success through best
in quality
Quality is the key element in express delivery
service. Mr. Chanon noted that quality and
service are the reasons behind Lalamove’s
huge success in Thailand. The company has
maintained its delivery service with a fulfillment
rate of more than 99.5%, far outpacing any
other providers in the industry. Bangkok and
the surrounding areas are covered by more
than 20,000 transporters, where users’ orders
can be responded to in an average time of less
than 20 seconds. To ensure the company’s
standards, all transporters must meet
Lalamove’s guidelines in offering the best
quality and service throughout the delivery
process. This has led to the company’s
blistering growth over the past three years.
A bright future for logistics providers
With high internet penetration at 67% of the
population and rising, a significant number of
SMEs are extending their business models
into the online marketplace. The industry is at
a formative stage in Thailand and Mr. Chanon
believes that the e-commerce market still has
considerable room for growth in the future. He
points to tremendous opportunities for the
logistics industry as a crucial supporting
business that will fill an important need for
customer convenience, and thereby greatly
strengthening the e-commerce industry in
Thailand.
Mr. Chanon
Klahan,
Managing
Director of
Lalamove
Thailand, said
the company
saw a massive
600% increase
in revenue
from THB 20
million in
2015 to THB
120 million in
2016, thanks
to explosive
growth in
Thailand’s
e-commerce
market.
Delivery service providers
growing with e-commerce
[In Billion USD]
22.2
Value of e-commerce market in
Thailand 2012-2016F
2012 2013 2014 2015 2016F
23.0
60.8
67.1 75.5
35.7%*
Source: Electronic Transactions Development Agency
*CAGR 2012-2016F
100-
80-
60-
40-
20-
0-
8. Thailand Investment Review
8 I AUGUST 2017
COMPANY INTERVIEW
A
goda is an excellent example of a
company that is tapping into Thailand’s
booming tourism industry and the
government’s “Thailand 4.0” to make the
country an innovation-driven economy.
Established in 2005, Agoda is now the
leading online accommodation reservation
service in the Asia-Pacific region. As Agoda
expanded quickly throughout Asia, the
company was soon acquired in 2007 by the
Priceline Group. Agoda’s offices are located in
over 30 countries globally. The company has
its headquarters in Singapore and has
significant operations in Thailand. The
company’s growing market, which began by
covering the Asia-Pacific, now reaches
throughout Europe and the Americas.
Agoda helps travelers find and explore
destinations around the world by sourcing the
best accommodation deals online through its
website and mobile app. Travelers can choose
hotels, apartments and vacation homes from
a network of over one million properties. The
accommodations that are offered are diverse
and range from budget hostels to luxury
With Bangkok as
the top
destination for
tourism in the
world, it provides
the perfect
opportunity
for an online
travel booking
service at the
very heart of it.
Agoda – Asia’s leading online hotel platform
hotels, apartments, homes and even
houseboats and treehouses. A broad suite of
content features detailed property and room
information, including over 15 million Agoda
Verified Reviews by guests who have stayed
at an Agoda property, in addition to interactive
maps and photo galleries. Travelers can find
the best choice for their individual needs and
passions.
From local startup to global
reservations service
Thailand is where it all began for Agoda. The
cofounder and company CEO, Mr. Robert
Rosenstein, fell in love with the country’s
beauty and chose to set up the company in
Bangkok in 2005. At the time, Mr. Rosenstein
wished he could create an online booking
platform that would have the scale to reach
and deliver better deals and more choice to
global customers. The company soon
expanded throughout Asia with a large
customer base as a reservation service that
combines local knowledge and connections
to provide the best hotel deals.
9. Thailand Investment Review
In 2007, Agoda’s network included 7,000
hotels in Asia and more than 33,000 worldwide.
As online travel was still a relatively nascent
industry in many Asian countries, Priceline saw
an opportunity and acquired Agoda as an
important means to grow their business in
the thriving Asia-Pacific region. That network
has expanded to over one million properties
today.
Significant operational support in
Thailand
Mr. John Wroughton Brown, Chief Operating
Officer at Agoda, mentioned two key reasons
behind Agoda having operations in Thailand.
First, Thailand is a great place to live. With
a unique culture, and known for its reputation
as a top food destination and a great lifestyle,
Thailand is a country where expatriates can
easily adapt in a friendly environment.
Second, Thailand is very strong when it
comes to human resources. Agoda has relied
on the support of a productive workforce in the
country for more than a decade. With Agoda’s
unique and diverse culture, the company has
attracted many talented people from Thailand
and overseas to work and learn in an open
environment and contribute together to the
company’s success. Talented people are ready
to serve the increasing global demand in this
striving sector, Mr. Brown said.
AUGUST 2017 I 9
Positioned to meet growing global
demand
With 7.4% growth in international tourist
arrivals in Asia-Pacific from 2010-2016,
increasing internet penetration, and Priceline’s
expertise in worldwide hotel inventories and
customer demand, Agoda is riding towards
greater success. Agoda is continuing with its
significant growth having now become a truly
global online travel platform.
A technology innovator with a
data-oriented platform
With the massive scale of today’s travel
market, Agoda’s success is a result of never-
ending innovation, and technology is at the
heart of it. Data-driven technologies are core
to Agoda’s DNA. Used by millions of users
every day, terabytes of data are backed by
multiple data centers around the world to
further develop a better system that can
enhance the user experience. New products
are designed, built, tested and measured in
order to deliver the best features to customers,
distinguishing Agoda from the rest of the travel
industry.
With its leadership position in Thailand and
the region, Agoda will continue on its successful
path connecting and helping tourists around
the world to enjoy their travels and experiences
through an exceptional online platform.
Thailand welcomes CLMV and China patients
With its ambitious plan to turn the country into a world-class medical hub, the Thai government has extended the stay for
patients from Cambodia, Laos, Myanmar and Vietnam (CLMV), as well as those from China who come to Thailand for
medical treatment from 30 to 90 days. Deputy Prime Minister Admiral Narong Pipatanasai said that patients from these
countries are the second group to be granted permission to stay in Thailand for 90 days, for which the extension took
immediate effect. The government had previously granted the longer visas to visitors from the Gulf Cooperation Council
(GCC) countries. The extension for those from China and CLMV countries will encourage visitors to travel to Thailand for
medical treatment, he added.
Line Taxi now ready for take-off
With fast-moving technological advancements in connectivity, LINE Corporation (Thailand) is jumping on the mobile-taxi-
bandwagon. The company is offering this new service by expanding their current services on their Line Man on-demand
delivery app, adding taxis to its current list which includes food, groceries, documents and parcels. “LINE Taxi can be the
key problem-solver to the pain points for Thai passengers when it comes to taxi services, such as being rejected by
drivers or having to wait for a long time,” said Ariya Banomyong, Managing Director of LINE Corporation (Thailand) . LINE
is partnering with the Bangkok Taxi Cooperative Network, which has 60,000 taxi drivers on its platform, accounting for
60% of all registered taxis in the Bangkok metropolitan area. The service is scheduled to launch with full operations by
the end of this year with at least 20,000 taxi drivers on the books, he noted.
Thailand offers
Agoda an
excellent
workforce and
is a wonderful
place to work.
Mr. John Wroughton Brown,
Chief Operating Officer of Agoda
10. Thailand Investment Review
BOI Senior Executive Advisor, Dr. Bonggot Anuroj, together with, Ms. Krongkanit
Rakcharoen, the Thai Consul-General in Chennai, Ms. Kanokporn Chotipal,
Director of the BOI’s Mumbai office and the BOI delegation from Bangkok,
participated in an investment mission and in meetings with potential ICT
investors in Bangalore, India from July 31 – Aug 5, 2017. She also gave a
presentation at the seminar on Mutual Cooperation and Development for the
ICT Industry between Thailand and India.
10 I AUGUST 2017
BOI’S MISSIONS AND EVENTS
BOI Deputy Secretary General, Ms. Duangjai Asawachintachit (third from right),
led a BOI team to Taiwan from July 11-14, 2017. Ms. Duangjai was invited by the
Ministry of Economic Affairs of Taiwan to join the “Taiwan-ASEAN Strategic
Investment Partnership Forum” on June 14, 2017 at Kaohsiung together with
representatives from other ASEAN countries. Ms. Duangjai also delivered a
presentation on the “Investment Climate and Business Opportunities in Thailand”
at the forum which was attended by approximately 120 participants.
BOI Secretary General, Mrs. Hirunya Suchinai (center), led an investment
mission to South Korea from July 9-16, 2017. The mission included a seminar
on Mutual Cooperation Development for the Bio-Industry between Thailand and
Korea and one-on-one meetings with Korean potential companies in Suwon,
Gwangju, and Busan.
BOI Executive Director of the Investment Strategy and Policy Bureau, Mr. Narit
Therdsteerasukdi (third from right), together with the Thai Ambassador to
Australia, H.E. Mr. Chirachai Punkrasin (center) and Ms. Vorawan Norasucha,
Director of the BOI’s Sydney office (second from right) participated in an
investment mission to Brisbane and Perth, Australia from July 23-29, 2017. He
also gave a presentation at a seminar on the topic of “Why Thailand?
Opportunities for Australian Businesses.” More than 80 participants from the
public and private sectors joined the seminar. Potential companies in various
industries such as biotechnology, food processing and machinery were invited
and encouraged to invest in Thailand with one-on-one meetings which took
place during their visit.
Ms. Sonklin Ploymee, BOI Executive Director of the Investment Marketing
Bureau, together with Mr. Salil Wisalswadi, Director of the BOI’s Tokyo office,
organized a seminar in Fukuoka, Hiroshima, and Nagoya from August 1-3, 2017
to promote the New Investment policy, development in the Eastern Economic
Corridor, and the EV policy. She also gave a presentation on “The Latest Updates
on Thailand’s Investment Promotion Policy.”
The Director of the BOI’s Guangzhou Office, Mr. Pisut Chotaumpaikorn (center),
together with the BOI delegation from Bangkok, led an investment mission in
Changsha, Hunan Province, China from July 24-26, 2017. The mission’s
activities included a seminar on “Opportunity Thailand” and meetings with
Chinese companies involved in machinery, robotics and automation and
services.
11. Thailand Investment Review
Demographics
Average Exchange Rates
As of 1 August 2017
Tax Rates
33.44 39.70 44.39 30.53 5.01
THB THB THB THB THB
AUGUST 2017 I 11
THAILAND ECONOMY-AT-A-GLANCE
US$ = 33.4364 THB
Source: The Revenue DepartmentSource: Bank of Thailand
Note: JPY currency is for 100 Yen
Corporate income tax 10-20%
Withholding tax 1-10%
Value added tax 7%
Gross Domestic Product
GDP by sector
2016
Services
Agriculture
Industry
GDP per Capita
(2016)
$6,033
Total investment growth
(% yoy)
4.4% 2.8%
GDP growth
(% yoy)
2016 2016
3.2%
Source: NESDB
Export Figures
Thailand export value
2009 2010 2011 2012 2013 2014 2015 2016
0.25-
0.20-
0.15-
0.10-
0.05-
-
(trillion USD)
5.05%*
Note: *2009-2016 CAGR Source: Ministry of Commerce
1
2
3
4
5
6
7
8910
$117.78
billion
Literacy rate
(2015)
97%
Minimum wage
(2016)
300 Baht/day
8.75 US$/day
Population
(2016)
68 M
ASEAN population
(2016)
633 M
Source: United Nations
Other Economic Indicators
$117.78 billion
Total export
value (June 2017)
61.0%
Capacity
utilization
(June 2017)
$185.6 billion
International
reserves (June 2017)
1.0
Headline
inflation (2017F)
$23.5 billion
Current account
balance (June 2017)
100.59
Headline consumer
price index (2017F)
(The base year is 2015=100)
$15.4
Trade balance
(June 2017)
69.9
Manufacturing
production index
(June 2017)
Source: Bank of Thailand, Ministry of Commerce
50%
2015 2015
Top 10 exports (January - June 2017)
1 Motor cars and parts (11.1%)
2 Computer and parts (7.5%)
3 Precious stones and jewellery (5.6%)
4 Rubber products (4.3%)
5 Plastic beads (3.7%)
6 Electronic integrated circuits (3.5%)
7 Chemical products (3.1%)
8 Machinery and parts (3.1%)
9 Rubber (2.9%)
10 Refine fuels (2.7%)
Others (52.5%)
2.9%
Others
35%
15%
$406.9
billion
12. Thailand Investment Review
New York
Thailand Board of Investment,
New York Office
7 World Trade Center, 34th Fl.,
Suite F 250 Greewich St.,
New York, NY 10007 USA
Tel: +1 212 422 9009
Fax: +1 212 422 9119
Email: nyc@boi.go.th
Los Angeles
Thailand Board of Investment,
Los Angeles Office
Royal Thai Consulate-General
Boulevard, 3rd Fl, Los Angeles,
CA 90004 USA
Tel: +1 323 960 1199
Fax: +1 323 960 1190
Email: boila@boi.go.th
12 I AUGUST 2017
ABOUT BOI
The Office of the Board of Investment (BOI) is the principle goverment agency that operates under the Prime Minister’s
Office for the purpose of encouraging investment in Thailand. We at the BOI serve as the professional contact points for
investors, providing them with useful investment information and services. We offer business support and investment
incentive to foreign investors in Thailand, including tax and non-tax incentives. A few non-tax incentives include granting
land ownership to foreigners and facilitating visas and work permits. Besides serving the needs of overseas investors, we
also offer consultation services to Thai investors who are interested in investment opportunities abroad.
Head Office, Office of the Board of Investment
555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900 Thailand
Website: www.boi.go.th Email: head@boi.go.th
Los Angeles New York
Paris
Frankfurt
Stockholm
Mumbai
Sydney
Beijing
Shanghai
Seoul
Tokyo
Osaka
Taipei
Guangzhou
BOI Overseas Offices
Paris
Thailand Board of Investment,
Paris Office
Ambassade Royale de Thailande
8, Rue Greuze 75116
Paris, France
Tel: +33 1 5690 2600-1
Fax: +33 1 5690 2602
Email: par@boi.go.th
Frankfurt
Thailand Board of Investment,
Frankfurt Office
Bethmannstr 58, 5.OG 60311
Frankfurt am Main Federal
Republic of Germany
Tel: +49 69 9291 230
Fax: +49 69 9291 2320
Email: fra@boi.go.th
Stockholm
Thailand Board of Investment,
Stockholm Office
Stureplan 4C, 4th Fl, 114 35
Stockholm, Sweden
Tel: +46 8 463 11 58, 72, 74-75
Fax: +46 8 463 11 60
Email: stockholm@boi.go.th
Mumbai
Thailand Board of Investment,
Mumbai Office
Royal Thai Consulate General
Express Tower, 12th Fl,
Barrister Rajni Petel Marg,
Nariman Point, Mumbai,
Maharashtra 400021
Tel: (91 22) 2204 1589-90
Fax: (91 22) 2282 1525
Email: mumbi@boi.go.th
Taipei
Thailand Board of Investment,
Taipei Office
Taipei World Trade Center,
3rd Fl, Room 3E40, No.5,
Xin-yi Road, sec.5, Taipei 110,
Taiwan, R.O.C.
Tel: +88 6 2 2345 6663
Fax: +88 6 2 2345 9223
Email: taipei@boi.go.th
Seoul
Thailand Board of Investment,
Seoul Office
#1804, 18th Fl, Daeyungak
Tower 25-5, 1-KA, Chungmu-Ro,
Chung-Ku, Seoul, 100-706, Korea
Tel: +82 2 319 9998
Fax: +82 2 319 9997
Email: seoul@boi.go.th
Beijing
Thailand Board of Investment,
Beijing Office
Royal Thai Ambassy, No.40
Guang Hua Road, Beijing,
100600, P.R. China
Tel: +86 10 6532 4510
Fax: +86 10 6532 1620
Email: beijing@boi.go.th
Shanghai
Thailand Board of Investment,
Shanghai Office
Royal Thai Consulate General
2nd Fl, 18 Wanshan Road,
Changning District, Shanghai
200336, P.R. China
Tel: +86 21 6288 3030 ext.828,829
Fax: +86 21 6288 3030 ext.827
Email: shanghai@boi.go.th
Guangzhou
Thailand Board of Investment,
Guangzhou Office
Royal Thai Consulate General,
No. 36 Youhe road, Haizhu
District, Guangahou, P.R.C.
510310
Tel: +86 20 8385 8988 ext.220-225
+86 20 8387 7770 (direct line)
Fax: +86 20 8387 2700
Email: guangzhou@boi.go.th
Tokyo
Thailand Board of Investment,
Tokyo Office
Royal Thai Ambassy, 8th Fl,
Fukuda Building West, 2-11-3
Akasaka, Minato-ku, Tokyo
107-0052 Japan
Tel: +81 3 3582 1806
Fax: +81 3 3589 5176
Email: tyo@boi.go.th
Osaka
Thailand Board of Investment,
Osaka Office
Royal Thai Consulate General,
Bangkok Bank Building, 7th Fl,
1-9-16 Kyutaro-Machi, Chuo-Hu,
Osaka 541-0056 Japan
Tel: +81 6 6271 1395
Fax: +81 6 6271 1394
Email: osaka@boi.go.th
Sydney
Thailand Board of Investment,
Sydney Office
Level 1, 234 George Street,
NSW 2000, Australia
Tel: +61 2 9252 4884
Fax: +61 2 9252 2883
Email: sydney@boi.go.th
Thailand
Headquarters