The Kingdom of Thailand, formerly known as the Kingdom of Siam, is a Southeast Asian country and a member of ASEAN. It is located to the north of the Southeast Asia subregion, bordering east with Laos, through the Mekong River, southeast with Cambodia and Gulf of Thailand, south with Malaysia and west with the Andaman Sea and Myanmar (Burma). It is inhabited by 68 million people, of which more than a half live in rural areas. Its capital and most populated city is Bangkok (also known as Krung Thep Mahanakon), with over 8 million inhabitants, and 14.5 million including the whole metropolitan area. Its official language is Thai, although there are several regional languages and dialects. Its official currency is the Thai Baht (THB).
Thailand is the second-largest economy in Southeast Asia, after Indonesia, and the fourth in terms of per capita income, after Singapore, Brunei and Malaysia. The country has a diversified economy, driven by its industry and services, and heavily dependent on exports. Thailand has deposits of natural resources such as gypsum, lead, natural gas, rubber, tin and tungsten.
The services sector plays an important role on its economy, accounting half of its GDP, and mainly comprised by retail, financial and banking services, and tourism, which with over 32 million visitors in 2016, accounted for 17.7 per cent of its GDP.
Its industrial sector, focused on exports, is mainly comprised by the automotive, electronics, electrical appliances and garment industries.
Regarding the primary sector, although it accounts about 10 per cent of its GDP, it is still employing more than a third part of its labor force. Its main crop is rice, being the second largest rice exporter worldwide. Other agricultural products that are produced in significant quantities are tapioca, rubber, cereals, sugar and some tropical fruits such as pineapple. Thailand is also one of the top seafood exporters worldwide.
At Flag Theory, we help you to find strategic locations globally to build your life internationally and diversify your business and personal finances. Below, you can find further information on why and how to set up a company in Thailand, business and investment opportunities, banking options and how to get residency and citizenship in this Southeast Asian nation.