Thai Translation Company
A Snapshot of the Thai Economy – Should you Consider Thai translation?
Is your business targeting the Asian region and is contemplating whether it’s worthwhile contacting a Thai Translation Company to provide a Thai translation of your software product, website, marketing content, or corporate text – and if it’s worth letting a localization company in Thailand / the Asian region translate e.g. your website, marketing material, business texts, multimedia presentation or e-learning course to Thai?
To better answer if the case for localizing Thai language is justified from a financial and possible Return on Investment (ROI) standpoint; let’s look at the overall financial growth and consumer market in Thailand; the current investment climate in Thailand, the Thai economy and the Thai consumer purchasing power (GDP).
Investment Climate Thailand
Thailand’s economy has experienced a strong financial growth of between 7 – 8 % on average per year and the country has transformed its economy over the past decades from being originally an economy with its roots based in the agriculture sector, to evolve into light- and domestic industries, followed by an age of more complex industries with much foreign direct investment (FDI) which saw Thailand turn into a manufacturing hub in Asia for many foreign companies.
Source: BOI Board of Investment
In 2017 Thailand has seen improved consumer sentiment with robust performance in external sectors with exports and trade partners and strengthening domestic demands. Comparing to other AEC members, Thailand enjoys many advantages such as being less prone to natural disasters; it has a big pool of skilled qualified workers and Thailand’s baht currency (THB) is accepted in border trade transactions within ASEAN.
Since the inception of the sitting Government lead by the Prime Minister Prayut Chan-ocha’s (ประยุทธ์ จันทร์โอชา) it’s been widely recognized that there has been an improvement in Government efficiency which has been recognized by the IMD Institute for Management Development for being the key reason why Thailand climbed two spots the World Competitiveness Ranking for 2016. The independent Institute assessed the contributing factors behind Thailand’s growth and investment readiness as business-friendly environment, Open and positive attitudes, Skilled workforce, Reliable infrastructure, Dynamism of the economy, and Cost competitiveness. The optimistic forecast and outlook for the country is contributed to a strengthened internal market through a growing middle class as well as increased value competitiveness by value-driven exports.
The Thai economy is highly interdependent on trade and foreign investment and the expansion of Thailand’s economy has always depended on foreign investment in Thailand (FDI). Thailand is better prepared to capitalize on its experience in trade and forming strategic alliances to attract foreign investors than its neighboring AEC countries which give Thailand opportunities over other AEC members to continue to attract investment outside of the region.
Thailand due to its association with the global economy has a large surplus of US 1.36 billion, ranked second after Singapore, and was the only country of three with a trade surplus to ASEAN which suggests Thailand will reap significant benefits from the AEC especially in terms of expanding exports to ASEAN.
The size of Thailand’s domestic market, geographical area, and the country’s economy is the second largest in ASEAN just after Indonesia; the purchasing power of Thai consumers remains higher than their neighboring countries.
The average Thai consumer is not well versed in English language and oftentimes not very familiar with the neighboring countries and therefore prefers to read material where there is a thai translation available. The Thai education system does not go to the extent to facilitate study options on the languages, cultures, and economies of neighboring countries. This means the case for Thai translation is indeed justified and it makes sense to Translate English to Thai for business to business or localize content associated with your products and services for business to customer, consumer goods, and services, corporate texts such as legal documents, engineering blueprints, material for heavy industries or oil and gas such as Safety Data Material sheets (SDS) and virtually any texts for business intended for Thai affiliates should be localized for the Thai market. By translating into Thai it also shows you are serious about doing business with the Thai market in mind, consumer satisfaction and Thai culture – and not only come looking for money.
If you are in need of an English to Thai translation or Thai to English translation VEQTA’s translation team in Thailand can assist, please contact our Thai Translation Company sales representative.
Source: BOI Board of Investment
Translation for Thailand 4.0 New Engines of Growth
With the launch of the Governments initiative ‘Thailand 4.0’ under Prime Minister Prayut Chan-o-cha, Thailand is embarking on a 20-year National Strategic plan to enter a new era of growth by improving Thailand’s connection to the world markets. The direction of focus will be on a value based and an innovation-driven economy which puts an emphasis on promoting technology, creativity, and innovation in 5 existing and 5 new specific industries.
Firstly, the upgrading of five existing industries (Agriculture and Food, Tourism, Automotive, Electrical & Electronics, and Petrochemicals).
Secondly, further development of five new industries (Automation & Robotics for the industry, Aerospace, Smart Electronics/Digital, Bio-Energy and Biochemicals and medical services / Healthcare with affluent medical and wellness tourism).
Massive investments in infrastructure are in progress such as an expansion of the railway system with high-speed rail and airport upgrades and the Eastern Economic Corridor (EEC) which is the Government’s flagship initiative that is widely anticipated to play a major role in further boosting the Thai economy. The EEC project will develop new growth hubs and boost existing ones and offer better regional connectivity in an area which spans over 13,000 square kilometers from Rayon, Chonburi, and Chachoengsao provinces as shown on the map below.
Source: BOI Board of InvestmentAccording to the Board of Investment (BOI), which is the department responsible for supporting and promoting investments, the value of new investments amounts to THB 144 billion (USD 4.05 billion) up to August 2016 with the 10 targeted aforementioned industries under Thailand 4.0, accounting for 48% of total investment. Foreign Direct Investments (FDI) in Thailand is expected to further increase slightly during 2017 and 2018. Thailand is currently regarded as one of the easiest and most favored locations in ASEAN to carry out business and the case for investing in Thai translation services remains strong.
These initiatives by the Government aim to continue to nurture an environment that is conducive to investment based on a service-based economy, and one that will ensure a growing economy into the future. The investment in the digital economy, its so-called ‘supercluster policy’, the double-S curve, support to small to medium enterprises (SME), with these massive investments in infrastructure and transportation with the Eastern Economic Corridor promises to reinforce Thailand as one of the most preferred investment choices in ASEAN.
Source: BOI Board of InvestmentThe Board of Investment (BOI) in Thailand is a great source of information to find out more about the initiatives taking place as it continues to demonstrate the government’s agenda for economic reform and readiness as an investment hub for both Thai and foreign investors in its transitions to Thailand 4.0. It’s message to businesses targeting the Thai market and for foreign investors is clear “Thailand is Open for Business!
Facts and Figures Source: BOI Board of Investment