Thailand’s ranking on the World Bank’s Ease of Doing Business 2018 index moved up to 26th from 46th last year, out of 190 countries worldwide. This brought Thailand to the top three in ASEAN. The report also recognizes Thailand as one of the top 10 economies worldwide that have improved most in the ease of doing business in the last year.
The report revealed that Thailand made significant improvement in six areas, including starting a new business, getting electricity, getting credit, protection of minor investors, tax payment, and enforcing contracts.
In addition, the World Bank noted that Thailand “made starting a business easier by abolishing the requirement to obtain a company’s seal,” and “strengthened access to credit by adopting new legislation that broadens the scope of assets that can be used as collateral.”
Likewise, Secretary General of the Board of Investment (BOI) Ms. Duangjai Asawachintachit reflected that Thailand has implemented many measures to improve the business environment, including amendment of related laws and introduction of e-services. She added that this survey’s results have clearly reflected the government’s continuous efforts in making Thailand one of the most preferred investment destination in Asia.
Being right in the heart of Southeast Asia, Thailand has long been a major destination for foreign direct investment and a regional production hub for many products, such as automobiles, food, and electronics, according to the Board of Investment.
Source: Foreign Office, The Government Public Relations Department, Office of the Prime Minister : http://thailand.prd.go.th