More and more foreign investors are interested in e-commerce businesses in Thailand
Thailand’s Ministry of Commerce has reported that more foreign investors are interested in e-commerce businesses in the country, as online retail businesses have proliferated during the COVID-19 pandemic.
Deputy Commerce Minister Sinit Lertkrai said restrictions to contain the spread of COVID-19 have forced businesses large and small to focus on e-commerce, citing data from the Business Development Department (DBD) which show that e-commerce, especially for retail, increased significantly this year.
The DBD reported that there were 794 new businesses registered for e-commerce in the first seven months of this year, up from 576 businesses in the same period last year. New registrations of e-commerce companies are expected to continue increasing in the second half of the year and it is likely to become a “dawn” activity this year.
Singapore is the top investor, according to Sinit, with a cumulative share capital of 16.1 billion baht, followed by Hong Kong at 2.23 billion, then China, with an investment of 322 million, reflecting the potential for Thailand as an attractive market. The government aims to increase e-commerce revenue to 5.35 trillion baht next year, from 4.03 trillion baht in 2019. (NNT)