Thailand witnessed a surge in new business registrations in 2023, hitting over 85,000 – the highest in a decade, with a total registered capital of 560 billion baht. This boost in entrepreneurship was primarily driven by the country’s economic recovery, aided by various government stimulus measures and large-scale infrastructure projects.
Department of Business Development Director-General Auramon Supthaweethum reported that the number of new businesses increased by 12% from the previous year, with a 31% rise in registered capital. The department had projected 82,000 to 85,000 new businesses for the year. The service sector dominated the new registrations, particularly in general construction, real estate, and restaurants.
The top five categories of business registrations included general construction, real estate, restaurants/food establishments, consulting businesses, and agencies. The service sector, wholesale/retail, and manufacturing sectors drove new business registration growth. Specific areas, including foreign currency exchange, job placement agencies, and real estate-related services, saw significant increases.
In 2023, foreign investment in Thailand was substantial, totaling 130 billion baht, with Japan leading the way. The Foreign Business Committee approved 667 investment applications, resulting in employment for 6,845 Thai workers. The top foreign investors included Japan, the US, China, and Hong Kong.
In 2024, the Business Development Department expects an increase in new business registrations, estimating between 90,000 to 95,000 new entries. This anticipated growth is coupled with a projected rise in foreign investment, which is expected to reach between 130 to 140 billion baht. (NNT)
