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COUNTRY BRIEFING Thailand

COUNTRY BRIEFING Thailand. Thailand at a glance. Selected Thai exports. 66 million people GDP per capita US$5,848 30th largest economy 2nd largest in ASEAN 17th largest manufacturer 10th largest motor vehicle producer Growth 2013 – 4.7% (average predicted ). Sources:

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COUNTRY BRIEFING Thailand

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  1. COUNTRY BRIEFING Thailand

  2. Thailand at a glance Selected Thai exports • 66 million people • GDP per capita US$5,848 • 30th largest economy • 2nd largest in ASEAN • 17th largest manufacturer • 10th largest motor vehicle producer • Growth 2013 – 4.7% (average predicted) • Sources: • National Economic and Social Development Board www.nesdb.go.th • Bank of Thailand www.bot.or.th • Board of Investment www.boi.go.th • Department of Foreign Affairs and Trade www.dfat.gov.au • International Trade Centre www.trademap.org

  3. Thailand and Australia – Commercial Ties • Australia’s 9th biggest trading partner • Bilateral trade (2011-2012) worth A$ 17.7 billion • Bilateral trade (1989-2011) has grown 3.6 times faster than Australia’s global trade • TAFTA in place since 2005 • And….an important education relationship • 20,000 student enrolments (6th biggest globally)

  4. Thailand: Common Views • Poorand undeveloped • Good place for a holiday • Language barrier • Natural disasters • Corruption • Political instability

  5. Thai Economy: Sophisticated • 10th biggest car maker (>2m cars) • Regional hub for auto, electronics, consumer goods, processed food. • Middle class: 12 million - Malaysia (12m) - Indonesia (2.6m) - Vietnam (1.6m) • Dynamic retail sector

  6. Great Place for a Holiday

  7. Great Place for a Holiday • 952,000 Australian visitors • one in 25 Australians • Over 99% have a trouble-free stay

  8. But I don’t speak Thai …. • You don’t have to • Money and English are the languages of business • English is more widely spoken than before • and its use will continue to spread • Bilingual professional help easy to find

  9. Natural Disasters

  10. Floods • Floods showed Thailand is critical to supply chains • Forced Japanto reassess Thailand • Verdict: nowhere better • New Japanese investment boom

  11. Corruption • Corruption risk is mostly in government sector • Massive private sector is largely corruption-free Source: Transparency International

  12. Corporate Governance Source: Asian Corporate Governance Association, September 2012

  13. Political Instability 2011 Tsunami and floods 2008 GFC 1997-98 Asian Financial Crisis Source: GDP Data from Thailand’s National Economic and Social Board

  14. Meritocracy, Money and Virtue • Uneven government, strong administration • Workplaces are not politicised • All politicians are pro-market, pro-business • Virtue in Thailand to be rich or richer • Thais are pragmatic

  15. Ease of Doing Business ASEAN + China/India Source: The World Bank’s Doing Business 2013

  16. What are these 23 Australian Companies in Thailand Saying? • “We are here because Australia isn’t big enough.” • “It is a good business environment; much easier than China, Vietnam, India & Indonesia”. • “think about your ROE” • “ Business is good, with strong growth & profitability.” • “Our engineering and R&D is still done in Australia.”

  17. What are these 23 Australian Companies in Thailand Saying? • “There is a shortage of skilled labour.” • “Thailand is no longer a low cost labour market.” • “Productivity needs to be improved.”

  18. Thailand’s Strengths • Favourable business environment • Highly sophisticated manufacturing sector • Low unemployment • Relatively peaceful labour relations • Large and growing middle class • Centre of ASEAN • Positioned to capitalise on growth of Myanmar

  19. “Middle income trap” – decreasing relative productivity & middling competitiveness Perceived political instability Poor education standards – including English Populist schemes (e.g. rice-pledging) distort market and inflate prices Critical shortage of skills for industry (auto sector and others) Lack of transparency in government & legal processes Thailand’s Weaknesses

  20. Thai pragmatism - What colour is this car? This car is green. This car is black. This car is red. This car is blue-red.

  21. Questions?

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