Record new business, BOI requests in Q1

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Just over 20,000 new businesses were registered In Thailand in the first quarter of 2018, the highest number on record and a 7 percent year-on-year increase.

In the month of March alone, more than 6,700 new businesses submitted documents for their registration to the Ministry of Commerce.

Of the 20,049 new businesses seen in January, February and March, the top three fields were construction, real estate and restaurants.

Kulanee Issadisai, director general of the Department of Business Development, expects there will be no less than 75,000 business registrations this year. She attributed the rise in registrations seen in the first quarter to economic recovery, the government’s infrastructure development policy and domestic consumption triggered by phase two of the social welfare card scheme.

Meanwhile, the Board of Investment (BOI) reported a record amount of requests for investment support between January and March, with around 330 projects proposed worth more than THB 200 billion (USD 6.38 billion) combined. It’s double the figure of the same period in 2017, and most requests were from the industrial sector for projects related to petrochemicals and chemicals, bio-technology and farming, tourism, automotive parts and food processing.

In 2017 there were 1,456 projects proposed to the BOI for support, worth over THB 640 billion (USD 20.42 billion) combined. Nearly half was for projects in the Eastern Economic Corridor or EEC.

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