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Analysis

Thailand 4.0 to drive innovation in food manufacturing
OBG
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While Thailand has long capitalised on the popularity of its cuisine, the production, selling and exporting of food products is being given renewed focus under the national Thailand 4.0 initiative. With food processing listed as one of the First S-Curve industries that the authorities are seeking to add value to in the short to medium term, multipronged efforts are been made to align the agriculture,…

Analysis

A guide to Thailand's major taxes and fees
OBG
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The eight major taxes imposed in Thailand are: Corporate income tax: Thai incorporated entities are generally subject to tax on their worldwide income. Foreign incorporated companies are subject to tax on income derived from carrying on business in Thailand or on certain categories of income paid from Thailand. The standard corporate tax rate is 20%. Petroleum income tax: Petroleum, including…

Analysis

Demographic shift: Efforts to upgrade education and technology in anticipation of the challenges of an ageing society
OBG
plus

As the first emerging economy expected to become an “aged society”, with more than 14% of the population projected to be over 65 years old in 2022, Thailand is confronting a demographic challenge to its economic development. Faced with rising public health costs and a shrinking workforce, as well as a limited pool of skilled labour, the government is moving to mitigate these problems, with…

Analysis

Thailand works to upgrade education and technology as population ages
OBG
plus

As the first emerging economy expected to become an “aged society”, with more than 14% of the population projected to be over 65 years old in 2022, Thailand is confronting a demographic challenge to its economic development. Faced with rising public health costs and a shrinking workforce, as well as a limited pool of skilled labour, the government is moving to mitigate these problems, with investment…

Analysis

Household consumption picks up in Thailand following a period of stagnation
OBG
plus

Household consumption in Thailand has been constrained by an ageing population and rising consumer debt, and a string of failed stimulus packages launched in the early 2010s led to a sharp increase in the number of distressed and non-performing loans (NPLs) in the consumer segment, exacerbating already challenging circumstances. However, the tide is beginning to turn. The Bank of Thailand (BOT) has…

Analysis

China's Belt and Road Initiative to reshape routes in Thailand and the broader South-east Asian region
OBG
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The Belt and Road Initiative (BRI) promises to radically transform a vast swathe of the world’s trade and transport infrastructure, which will have a marked impact on how Asia does business with the world and vice versa. Historical Precedent While it is a relatively new idea, the BRI also harks back to medieval times, when the Silk Road flowed between East and West. The Silk Road was a series of…

Analysis

Demographic shift: Efforts to upgrade education and technology in anticipation of the challenges of an ageing society
OBG
plus

As the first emerging economy expected to become an “aged society”, with more than 14% of the population projected to be over 65 years old in 2022, Thailand is confronting a demographic challenge to its economic development. Faced with rising public health costs and a shrinking workforce, as well as a limited pool of skilled labour, the government is moving to mitigate these problems, with…

Analysis

Development of Thailand's Eastern Economic Corridor attracts further investment
OBG
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The EEC project is one of the most important components of the government’s economic development agenda, Thailand 4.0. Strategically located along the eastern seaboard, the EEC is set to become the country’s primary investment attraction, with stakeholders moving to build on existing infrastructure, and in doing so, promote the development of 10 priority industries as highlighted in the national…

Analysis

Regulators work to establish a single ASEAN financial market that will allow banks to expand operations
OBG
plus

While the ASEAN Economic Community (AEC) was formally established in 2015, financial cooperation across the region remains somewhat fragmented. Goods and services move freely between countries, but banks, stock exchanges and securities companies tend to be limited to their home markets. Since the 1997-98 Asian financial crisis, ASEAN has remained focused on integrating regional financial markets.…

Analysis

Financial technology set to improve efficiency and cut costs in Thailand's banking sector
OBG
plus

Under the auspices of Thailand 4.0, which targets economic growth through technology and innovation, the banking industry is slated to undergo major changes. Although banking is not one of Thailand 4.0’s strategic industries, the sector is still expected to benefit from increased deployment of financial technology (fintech). Fintech Digital innovation offers notable potential cost benefits to the…