Thailand Investment Review (October 2015)

CONTENTS
October 2015
Volume 25
No. 10
Page
Thailand’s New Economic Direction 1
News Bites / BOI Net Applications 2
Industry Focus: ASEAN Economic
Community
4
National Food Institute 6
Transport Infrastructure Investment
for the Future of Thailand
8
IT Salaries in Thailand 9
Thailand: Low Cost Construction 10
Thailand’s Aircraft Sector Moves
Forward
10
BOI’s Missions and Events 11
Thailand Economy-At-A-Glance 12
Continued on P. 3
Thailand’s
New Economic Direction
Prime Minister Prayut Chan-o-chat has shown a commitment to revitalizing
and strengthening Thailand’s economy, and recently put in place a new team
to lead the economic program during the next phase. On 18 August 2015, he
appointed Dr. Somkid Jatusripitak to steer his economic program, returning to
government service with an ambitious plan to restore consumer confidence
and spur small and medium sized enterprises to increase spending.
In a weekly address to the nation, the Prime Minister has underlined the
importance of SMEs to the economy, and of the contribution of farmers and
low wage earners. He indicated that in order to maintain steady economic
growth, the government has set up 5 different missions, which it will implement
simultaneously:
First, the government will look after and mitigate the hardship of fellow
agriculturists and low-income earners.
Second, it will build stability in local and regional economies. In the past,
the country’s economic growth relied heavily on exports. We need to bring
balance and strengthen the economy through internal factors which rely on
the growth of local and regional economies. This can be achieved through the
promotion of tourism, social activities, OTOP products, community enterprises,
cooperatives, and community markets.

NEWS BITES BOI NET APPLICATIONS
US Investors Affirm Thailand’s
Great Economic Potential
Prime Minister General Prayut Chan-o-cha
recently welcomed more than 70 members
of the US-ASEAN Business Council, from
29 leading US companies, who affirmed
that Thailand has great potential in this
region and that they wanted to play a part in
strengthening the Thai economy
The Government and the National Council
for Peace and Order have put in place related
laws and measures, such as the Facilitation
of Official Permission Granting Act, the one-
stop-service center, the Integrity Pact, and
the CoST system, which focuses on ensuring
efficient, comprehensive, and integrated
government services. Various laws and
regulations are also being amended to
reduce trade and investment obstacles and
facilitate the mobility of products, labor, and
investment.
New Energy Efficiency Plan
and Energy Security Policy
The National Energy Policy Council has
approved the Energy Efficiency Plan, to be
implemented from 2015 to 2036, aimed at
reducing Thailand’s energy intensity by 30
percent, against 25 percent in the previous
plan.
The Energy Efficiency Plan also comprises
several measures, for instance, the use
of high energy-efficiency equipment and
buildings will be promoted. The measures
are expected to reduce domestic energy consumption by more
than 8.5 trillion baht in the next 20 years.
The National Energy Policy Council also approved criteria for
the price structure of electricity to ensure that electricity rates
would be set appropriately, based on the real production costs.
This would also ensure fairness for consumers. The new price
structure will be announced later in 2015.
Accelerating Halal Industrial Development in
Thailand
The Ministry of Industry has set a target to upgrade the status of
Thailand to one of the top five largest exporters of halal products
and services in the world within the next five years.
Strategies already endorsed by the Cabinet seek to develop
halal standards, enhance the production potential for halal
products and services, promote the brand “Thailand Diamond
Halal” in the international market, and strengthen the country’s
halal industry through research and development.
It is expected that more than 7,900 billion baht will be spent
on the implementation of these strategies. Out of this amount,
2014
(US$ = 32.90THB)
2014 (Jan-May)
(US$ = 32.52 THB)
2015 (Jan-May)
(US$ = 33.55 THB)
Number of
projects
Value
Number of
projects
Value
Number of
projects
Value
Total Investment 3,363 65,101 471 9,161 306 1,438
Total Foreign Investment 1,573 31,094 334 7,072 155 407
By Sector
Agricultural Products 789 8,158 57 391 31 121
Minerals / Ceramics 103 4,685 16 470 10 80
Light Industries / Textiles 120 1,274 14 90 7 22
Automotive /
Metal Processing
736 9,895 111 4,866 39 99
Electrical / Electronics 384 4,418 77 199 67 47
Chemicals / Paper 485 12,693 42 784 17 99
Services 746 23,980 154 2,362 135 971
By Economy
Japan 643 8,164 155 2,202 40 153
Europe 243 4,668 43 1,974 36 21
Taiwan 72 780 9 21 10 36
USA 70 3,858 11 812 7 3
Hong Kong 43 701 16 225 9 44
Singapore 121 1,279 18 102 26 90
By Location
Central 1,113 9,867 180 783 138 544
East 1,294 40,770 183 7,070 74 321
South 190 1,524 21 204 19 96
Unit: US$ Million
Note: Investment projects with foreign equity participation from more than one country are
reported in the figures for both countries / Statistics on net applications are adjusted whenever
applications are returned to applicants due to insufficient information.
3,286.5 million baht will be allocated to the Ministry of Industry,
which will join hands with various relevant organizations in
accelerating halal industrial development. Thailand now ranks 13th
among the world’s largest halal producers. Starting from the 2016
fiscal year, the Government will set aside 403.8 million baht for
various organizations to carry out projects to develop and enhance
the potential of Thailand’s halal business.
Under the strategies for developing and enhancing the potential
of Thailand’s halal business, a major boost will be given to food
and beverage, textiles and garments, cosmetics, pharmaceutical
products, herbs, restaurants, tourism business, hotels, hospitals,
and spa services.
October 2015
Page 2

Continued from P. 1
Third, emphasize improving the quality of Thai products by the
enhancement of processing and packaging of SME products
as well as industrial products. These products need R&D and
innovation in order to create added-value, which will in turn
create more income for the people and producers, and make
Thailand more competitive.
Fourth, promote mega investments, with an aim to lay down a
strong economic foundation, be they special economic zones,
infrastructure improvement, and regional connectivity.
And fifth, trade and investment with other nations must be
promoted while cordial diplomatic relations must be maintained
and strengthened.
Likewise, shortly after being appointed Deputy Prime Minister, Dr.
Somkid, in laying out his agenda as a leader of the government
economic team before an audience from the Thai public and
private sector, announced the new direction for the economy
that would boost competitiveness and seek to mitigate the
impact of the global economy by giving more attention to
domestic needs. He aims to decrease Thailand’s dependence
on exports, representing a significant portion of Thailand’s GDP.
While continuing to support the goal of a digital economy for
Thailand, DPM Somkid will direct his attention to strengthening
the Kingdom’s economy by creating industrial clusters that will in
turn strengthen SMEs and have a multiplier effect for economic
growth. The government will also return its focus to local
products and One Tambon, One Product (OTOP) development.
In fact, speaking at the launch of the “SME Provincial Champions”
program, which aims to create business prototypes to mobilize
the provincial economy, the Prime Minister remarked that SME
promotion is a key mechanism in driving national economy,
and that strengthening and enhancing the competitiveness of
SME production and services is essential to maintain economic
stability.
Likewise, speaking at the Economic Policy and Thailand Direction
seminar, held at the Dusit Thani Hotel on 27 August 2015, Deputy
Prime Minister announced that the government will promote six
new industrial clusters, which would include processed food
and value-added agriculture products; automobiles and parts;
electrical, electronic and telecommunications; petrochemical
and environmentally friendly chemical products; IT and digital
cluster; and textiles and garments. Also, there would be a
“Rubber City” utilizing local resources (natural rubber) and an
educational institution cluster to help improve the skills of the
Thai work force.
The Map Ta Phut and Laem Chabang seaports and industrial
areas would also be expanded and bring down logistics costs
for those investing in Thailand.
On 1 September, the Cabinet moved quickly to approve several
measures.
The first creates a fund of 60,000 million baht for the Village
and Urban Community Fund. According to reports, 30,000
million baht will come from the Government Savings Bank
and another 30,000 million baht from the Bank for Agriculture
and Agricultural Cooperatives. Each village, or community, will
receive a revolving fund of up to one million baht.
“We point out the importance of SMEs, with around 2.7 million
entities, to the Thai economy as they account for 37 per cent
of national gross domestic product and employ around 11
million people. While most of the SMEs are running domestic
businesses, they represent 25 per cent of Thailand’s exports,”
Tim Leelahaphan, Maybank’s Thailand economist was quoted
to say in The Nation newspaper.
Second, with the Ministry of Interior as the core agency in
allocating five million baht to each sub-district, a budget has
been approved for 36,275 million baht for job creation projects
such as repairing water sources, water distribution systems
and health centers, schools and central markets in 7,255 sub-
districts. These projects will be undertaken in line with His
Majesty the King’s philosophy of the Sufficiency Economy.
And third, offers a budget of 40,000 million baht to implement
small investment projects, with each project worth not more
than one million baht. The three measures have a total budget
of 136,275 million baht.
The Thai economy currently faces headwinds from the slow
return to growth in the United States, European Union, and now
from China and elsewhere, but its economy is nevertheless
fundamentally sound. With renewed confidence in the domestic
market, and with an injection of funds to boost spending and
provide stimulus, the economic future looks bright.
October 2015
Page 3

INDUSTRY FOCUS
ASEAN Economic Community
The Association of Southeast Asian Nations (ASEAN) is
intensifying efforts to realize the ASEAN Economic Community
(AEC) and implement initiatives to achieve a single market and
production base, allowing the free flow of goods; and freer
flow of services, investments, and skilled labor; and greater
movement of capital across the region. With over 600 million
people, ASEAN’s potential market is larger than the European
Union or North America. Next to China and India, ASEAN
possesses the world’s third largest labor force, characterized
by its youth and dynamism. Furthermore, with an ever-growing
and diverse consumer market, coupled with a combined gross
domestic product of US$2.4 trillion, ASEAN will be the fourth-
largest economic region in the world by 2050, according to
research conducted by McKinsey Global Institute. The growth of
the region’s various economies and its rising middle class speak
volumes for the future as companies can tap into expanding
opportunities.
With a population that is young, entrepreneurial, and increasingly
cosmopolitan, labor productivity is sure to increase if education
and skills training are adjusted properly to meet the needs of an
integrated marketplace. The availability of skilled labor and the
ease of doing business and getting investments going will be
crucial for foreign companies to invest in ASEAN. Foreign direct
investment (FDI) last year in the five largest ASEAN economies
– Indonesia, Malaysia, the Philippines, Singapore and Thailand –
totaled US$128 billion, exceeding China’s FDI of US$117 billion.
On its 40th anniversary in August 2007, ASEAN adopted the
ASEAN Economic Community Blueprint, which advanced the
completion target to 2015 from 2020. Four pillars define the
AEC: (1) creating a single market and production base, (2)
increasing the region’s competitiveness, (3) promoting equitable
economic development, and (4) further integrating ASEAN with
the global economy.
In November 2007, ASEAN leaders also approved the Initiative
for ASEAN Integration Strategic Framework and Work
Plan (2009-2015), which is meant to bridge the perceived
“development divide” between the older and economically more
advanced members, known as the ASEAN-6 (Brunei, Indonesia,
Malaysia, the Philippines, Singapore and Thailand), and the
four newer ones – Cambodia, Laos, Myanmar, and Vietnam.
Equally significant, under the ASEAN Free Trade Agreement, the
Common Effective Preferential Tariff scheme has brought down
tariff rates on goods coming from ASEAN members to virtually
zero for the ASEAN-6. The four new ASEAN members have until
the end of this year to reduce their tariffs.
From automobiles and parts to natural resources, the variety
and quality of products and services traded has made ASEAN
the fourth-largest export region in the world. Even more so,
the launch of export-processing zones across ASEAN has
increased interaction internally and externally. Further advances
are expected once the AEC in 2016 allows for greater movement
of goods, services, skilled labor and investment. However,
improvements are required for intra-regional trade to reach its
full potential, since some countries still have some tariff and
nontariff barriers in place.
Notable progress has been made on the AEC’s first pillar, which
is fundamental to developing a single market and production
base in goods. Tariffs have been reduced substantially, with
more than 70% of intra-regional commerce in ASEAN enjoying
zero tariffs, and less than 5% of goods being subjected to tariffs
of more than 10%. These developments will encourage intra-
ASEAN trade in manufacturing and agricultural goods. Although
progress has been made with the signing of mutual recognition
agreements in seven professions, realization of the trade in
services agreement is much slower.
Nonetheless, slow yet steady progress has been seen in attaining
the goals of liberalizing investment and capital flows. The signing
of the ASEAN Comprehensive Investment Agreement in 2012
was an important step in building a better business environment
for the private sector in the region. Moreover, to enhance trade
facilitation, the National Single Window (NSW) program currently
is observed by the ASEAN-6.
Modest achievements are visible regarding the second and third
pillars of the AEC. Among the highlights are the adoption of the
ASEAN Intellectual Property Rights Action Plan 2011-2015 to
strengthen intellectual property institutions in the region; the
adoption of the Master Plan on ASEAN Connectivity to enhance
the region’s transport connectivity and energy security; and the
actualization of the ASEAN Strategic Action Plan for Small and
Medium-Sized Enterprise (SME) Development, which aims to
give guidance on the flagship projects and other SME initiatives
in the region to promote inclusive growth.
Meanwhile, the implementation of the fourth pillar has progressed
well over the past decade. ASEAN not only has emerged as the
hub of free trade agreement (FTA) activity in the Asia-Pacific,
but also has assumed a leadership role in negotiating trade
rules for connecting Asia to the rest of the world. FTAs have
been concluded with ASEAN’s six dialogue partners: Australia,
China, India, Japan, South Korea, and New Zealand. Moreover,
negotiations for the Regional Comprehensive Economic
Partnership (RCEP), covering ASEAN and its dialogue partners,
were launched in 2012. If signed and put into action, the RCEP
will become the world’s biggest trade bloc, covering 40% of
global commerce, and will provide significant economic gains
to members.
October 2015
Page 4

Continued on P. 6
When compared with China and India, the AEC is the best
alternative for investors. Through the vertical and horizontal
integration of ASEAN’s individual national economies, it
will stimulate intra-regional investment, trade and business
connections, thereby benefiting both foreign and local firms.
Challenges remain in the elimination of NTBs such as a single
channel for imports, price control measures, natural resource
subsidies and preferential treatment of state-owned enterprises.
Indeed, many of the remaining challenges to achieving the goals
of the AEC are tied to ASEAN’s ability to harness cooperation
and commitment, and address the development divide among
its members.
According to the business survey, Re-drawing the ASEAN
Map, sponsored by Baker & McKenzie and CIMB, companies
are increasingly managing the ASEAN region as one economic
entity rather than ten separate economies. Some 76% of MNCs
operating in Southeast Asia now have a strategy that is tailored
specifically to the ASEAN bloc. And while the countries of
Southeast Asia remain deeply diverse and different, they are
gradually growing more alike. This is enabling companies to be
more regional in their strategy. The report reveals that 64% of
companies believe their customers across ASEAN are becoming
more similar. As a result, 62% of companies are standardizing
the products and services they offer across ASEAN. Moreover,
MNCs already have multicultural environments and employee
exchange policies in place within their organizations, putting
them in a much better position to recruit talent from ASEAN
countries.
While larger companies seem ready for the AEC, small and
medium-sized enterprises (SMEs) are less prepared. According
to a survey by the Asian Development Bank, less than one-
fifth of ASEAN firms are ready for the transition. This is despite
the fact that small to and medium-sized businesses generate
approximately 90% of ASEAN jobs and 30 to 50% of GDP.
The abundance of resources as well as lower manufacturing
costs will assist SMEs increase their productive capacities. A
certain level of competition is always healthy for any business,
and this will spur on SMEs to perform better and improve their
operating procedures. Plus, being viewed as a single large
market also encourages integration which, in turn, will lead
to greater economic proficiency for ASEAN as it meets the
challenges of other big markets in the vicinity, such as China and
India. However, elevated competition also means some SMEs
may be left behind. The ability to identify the risks and benefits of
the AEC and to take advantage of this new marketplace may not
come easily to everyone, which means not every
business will be able to grasp the opportunities as
well as they should.
For Thai SMEs, the best trade and investment
prospects are Indonesia and the CLMV (Cambodia,
Laos, Myanmar, and Vietnam) group. Without a
doubt, the AEC will open a window for Thai SMEs
to engage in more trade and commerce, like selling
consumer goods or construction materials, and
operating small retail businesses. Thai goods and
services already are well known and have a good
reputation within neighboring countries as products
from Thailand are preferable when compared to
goods from China in terms of quality.
Regarding the ASEAN Comprehensive Investment
Agreement, the accord is not an investment catchall
that any business type or investor can profit from,
and it contains precise definitions of authorized investments and
investors. An investor under the ACIA can be either a natural or
juridical person. A natural person is defined as a national, citizen,
or permanent resident of an ASEAN member state. A juridical
person is defined as any legal entity under the applicable laws
of an ASEAN member state whether for profit or non-profit, or
private or government owned, and can be a corporation, trust,
partnership, joint venture, sole proprietorship, association, or
any other legal business entity. A very important feature of this
definition is that a juridical person in ASEAN member state
controlled by a third country national also is defined, with some
caveats, as an allowed investor.
The overall goal of the ACIA is to establish a freer, open,
transparent and integrated investment regime for domestic
and international investors throughout the ASEAN region, and
the ACIA’s benefits include investment liberalization, non-
discrimination, transparency, investor protections, and Investor-
State Dispute Settlement.
For ASEAN to be a truly competitive region, infrastructure
development is crucial. The Asian Development Bank (ADB)
has estimated that ASEAN requires an annual infrastructure
investment of US$60 billion annually until 2020. To this end, the
ASEAN Infrastructure Fund was created in 2011, comprising
equity contributions from ASEAN member countries and co-
financed by the ADB, to address the region’s critical infrastructure
development needs.
Anotherpriorityareaislabormobility,particularlyofprofessionals,
that will require careful consultation and collaboration. This issue
is recognized in the AEC Blueprint. When investing or expanding
in the region, companies may want to use a mix of manpower
from headquarters as well as the local work force or have local
talent trained elsewhere in the region. In such scenarios, the
movement of labor will be critical. Similarly, financial integration
is essential but it will be imperative to manage the risks of
liberalization.
Actually, infrastructure development among the ASEAN
countries, encompassing the development of hard infrastructure
such as roads, ports and airports, as well as soft infrastructure
such as human resource development and training are being
concentrated. The harmonization of technical standards, with
the objective of “One standard, one test accepted everywhere,”
is an initiative in facilitating trade. Likewise, mutual recognition
agreements (MRAs) enable companies to produce more
standardized products and pool skilled labor effectively.
October 2015
Page 5

Continued from P. 5
National Food Institute
Thailand Investment Review had the opportunity to learn
more about the National Food Institute from its President,
Mr. Saovapruk Yongvut, and the importance of this sector to
Thailand’s growing economy.
Mr. Saovapruk Yongvut, President of The National Food
institute, recently supplied Thailand Investment Review with
valuable information and insight on the work of the NFI and on
Thailand’s food industry. The NFI, he writes, was set up and
started operation on October 15, 1996. NFI is an organization
under the Industrial Development Foundation of the Ministry of
Industry. Today, it has over 150 staff working in various areas
of expertise and providing services to both private and public
food-relevant sectors.
The NFI’s mandate is to promote development of the food
industrial sector so as to make them competitive in the world
market. NFI’s mandate is reflected in all our activities and
services. For example, it has been continually conducting
market surveys and gathering food industry-relevant information
which we share with the pertinent and interested private and
public sectors. NFI conducted researches that contributed to
the development /improvement of quality standards; problem
solving as well as building food safety awareness. It has
organized and conducted seminars and training workshops
to build/improve the competence of the people working in the
food sector. It provides services in food inspection, laboratory
testing and product certification as well as technical assistance
related to implementation of GMP, HACCP and other food safety
and quality management systems and laboratory management
to the private sector. It also provides services to assist food
manufacturers conform with the legislative requirements of
the country as well as the major importing countries of our
products; promote cooperation between private and public
sectors, facilitate market linkages by providing a platform for
networking or organizing activities for the food entrepreneurs
to improve and widen their business perspective through
information exchanges, networking or business matching. NFI
also foster cooperation on research and development among
the academics, the government institutions and the private
sector with the view of venturing more on researches with
practical and commercial applications.
NFI’s strategic services are focused on:
(1) Policy research - to address trade-related issues with
potential impacts to our food industries. NFI’s aim here is
to study the effects and evaluate the risk that our products
are exposed to under the changing market environment and
to come up with strategies/policies that would help food
producers cope or leverage the impacts of the changes/
development. NFI’s present policy or strategy is to promote
aggressive development of the food industry.
Upon closer examination, a more integrated market could lower
transactioncosts.Inparticular,itcouldbringdowninventorycosts
by reducing the number of specialized products that companies
need to keep in stock and by minimizing the chances of goods
arriving after customers need them. Standardization is important
for multinationals, which have global networks. However, small
and medium enterprises, too, will find harmonization useful.
An update on the AEC’s progress was provided at the 26th
ASEAN Summit, held in Malaysia in April 2015. The meeting’s
statement noted that the AEC Scorecard – which assesses
the degree of target actualization in the AEC Blueprint – stood
at 90.5% out of 506 measures. Even though the figure can be
debated, there is consensus that forward momentum does
exist and a realization that integration will help increase ASEAN
competitiveness vis-à-vis China and India.
Contentious issues, such as agriculture, non-tariff barriers,
integration of the less-developed CLMV (Cambodia, Laos,
Myanmar, Vietnam) members, and financial integration remain
to be worked out. According to the US International Trade
Commission report on the AEC, challenges were seen in the
area of importing and exporting with procedures for trading
ranging from relatively easy to very difficult. The quality of
logistics services also varies among the ASEAN members, such
as customs brokerage, freight forwarding, and express delivery.
In many ASEAN countries, restrictive regulations hamper the
delivery of high-quality logistics services.
Obviously, executives have to adjust strategy. Inside the AEC,
managers will increasingly have to pursue sales opportunities
across the region while focusing relentlessly on cost efficiencies
by integrating their operations across the region, managing
through lean techniques but also developing effective corporate
centralization. Externally, managers residing overseas are going
to have to start paying better attention to this new opportunity.
Many of them right now seem to have eyes for only China and
India. Asia is much more than either of these two countries and
managers need to study and better understand the possibilities
that the AEC presents.
The AEC project has been crucial for moving ASEAN from its
beginnings as a political grouping in 1967 to becoming one of
the most dynamic regional economic blocs in the developing
world. The solidarity and enthusiasm shown by ASEAN members
in trying to meet the AEC goals are notable. Finally, the AEC is a
work in progress. Some promises have been met, but significant
challenges also remain. Awareness among policymakers and
final users is growing. ASEAN is criticized often for weak
institutions, which also has made AEC implementation difficult.
But only time will tell how much of this can be changed. With
the AEC and ASEAN Charter in place, the region already has
evolved into a rules-based association.
October 2015
Page 6

(2) Supporting/facilitating/ promoting production of value-
added food product development that are both acceptable
and compliant to requirements of the world market.
(3) Updating pertinent technical and administrative people with
relevant and analyzed information. Such information is often
used in preparing business plan, identifying issues and
scope for market research and in promoting information
exchanges. Updated food industry-related information is
now available in the NFI website at www.nfi.or.th and at the
Food Intelligence Center at http://fic.nfi.or.th.
(4) Providing standardization advisory services including pre-
audit and pre-assessment of the food establishments’
quality/food safety management system in preparation
to their application for GMP, HACCP, BRC, ISO
9001:2008, ISO 22000:2005, ISO/IEC 17025, or Clean
Technology certification. Coaching is also provided on the
implementation of Green Productivity by manufacturers
wanting to improve not only their production efficiency but
also reduce their environment impacts through carbon and
water footprints reduction.
(5) Providing public or in-house training/workshops on food-
related issues to improve the competence of the people
working in the food sector.
(6) Providing laboratory testing services on microbiological
and chemical analyses as well as proficiency testing on a
number of microbiological and chemical analyses for food
and water.
(7) Other services include process validation through
calibration of measuring instruments and test assessment
of temperature distribution and heat penetration in food in
closed containers.
In looking at the strength of the Thai food industries, we
are informed that it lies mainly on its quality production and
management systems meeting international quality standards.
Secondly, Thailand is endowed with quality raw material supplies,
skillful manpower with knowledge of modern food production
techniques and availability of other supporting industries that
strengthen the entire food chain including packaging material
manufacturing industries, transport and logistics services as
well as warehouses and cold storage services. Finally, Thailand,
being in a strategic location and a popular tourist destination,
has attracted many foreigners to invest in our food industry. This
has presumably accounted for the improvement of Thailand’s
World Economic Forum ranking as the 31st top world food
exporter in 2014-2015, up from 37th place the year before.
Thailand is one of the countries with high potential to become a
Halal food hub in Asia for the following reasons. Firstly, Thailand
has an abundant supply of quality raw food materials and food
ingredients. In fact many Muslim countries have already been
sourcing cassava starch, sugar, fresh chicken and many others
from Thailand. Secondly, Thailand’s food production system
meets international hygiene standard (Codex). GMP, a basic
market requirement is a mandatory requirement for all food
establishments in Thailand that produce FDA list of controlled
products. As such, Halal food producers would only need to
incorporate a few more required practices in their production
system to be Halal-compliant. Thirdly, Thailand has strong
and independent religious agencies such as the Central Islamic
Council of Thailand (CICOT) and the 36 Islamic Provincial
Committee that are capable of certifying production system
conformance to Halal food standards. Additionally, there are
also government agencies and universities that can provide
technical assistance to food business operators putting their
food production system in conformance to Halal standards.
Finally, the present government, in its effort to drive Halal
food businesses and products forward, has even appointed
a national committee to promote its development by drafting
a 5-year strategy plan (2016-2020), which has been already
endorsed by the parliament.
In 2015, Thailand’s export of Halal food is expected to amount
to 215,000 million Baht, a 6% increase from that of last year.
Major markets for Thai Halal food include Indonesia with 19%
share and Malaysia with 18% share. Other markets include
the Muslim countries in the Middle East and in Africa whose
combined market share comprises of 56% of our total Halal
food exports. Our exports to those countries though has slowed
down presumably because of the lowering of oil price knowing
that these countries largely relies on oil price for their incomes.
Important industry trends to be watching
Based on the survey results on opinions of private food industry
sector around the globe that were published at the Journal of
Food Engineering, the ten trends that would impact on food
producers within the next 5 years and that we ought to be
watching include:
1. The use of more automatic machine or robots in the
production line.
2. Safety aspects of food
3. Changing consumers’ demand
4. New product development
5. Improvement of machineries for modern production line
and increasing new production lines
6. Lean system of production to cut down on wastes
7. Point on rules and regulation
8. Reduced package size or packaging renovation
9. Audit by reliable agencies
10. Sustainable method of production
Based on the list, our strength of having abundant supply of
raw materials may no longer suffice to compete in a highly
competitive globalized trade as other players would be entering
the scene offering the same products albeit for lower prices. The
results of the study suggests that innovation and technology are
the major ways to go for the Thai food industry to compete in
the near future.
Among the measure that need to be taken for Thai food
businesses to remain competitive in the world market, it is
important that they listen to the changing market trends and
adapt changes through improvement in production efficiency
throughout the supply chain to reduce production costs and
able to offer competitive prices in the world market. Likewise,
promotion of value creation in products which means that
products should not only meet the basic requirements for food
but also should satisfy the complex needs of the consumers.
Strategic thinking of ways to gain market to meet consumer’s
satisfaction, which requires a deep understanding of the market
and their consumer’s behavior and preferences and thorough
planning to position and advocate the product’s image in the
market. Improvement in food production/management systems
and product standards to meet international requirements for
food safety and traceability. And preparation to compete in the
digital era of competition to be able to exploit the use of the
technology to its fullest advantage. Using the world wide web
on line system of communication in businesses and in reaching
out consumers can provide SMEs a platform that would enable
them to conduct their businesses with minimal resources.
October 2015
Page 7

Transport Infrastructure
Investment for the Future of
Thailand
Thailand continues to improve the nation’s infrastructure and its
connectivity with neighboring ASEAN countries in the run-up to
the ASEAN Economic Community. In August of this year, Prime
Minister Prayut Chan-o-cha spoke of the progress being made
on Thailand’s transport infrastructure investment with China and
Japan.
Thailand is working with China in the development of a railway
project, with medium-speed trains running between 160 to 180
kilometers per hour. The project is divided into four sections,
with a total length of 873 km. The first section is from Bangkok to
Kaeng Khoi, covering 133 km. The second section is from Kaeng
Khoi to Map Ta Phut, with a length of 246.5 km. The third one
covers 138.5 km from Kaeng Khoi to Nakhon Ratchasima, and
the fourth one from Nakhon Ratchasima to Nong Khai, covering
355 km.
The timeframe for the railway project is three and a half years,
beginning with the construction of the first section from Bangkok
to Kaeng Khoi. The third section from Kaeng Khoi to Nakhon
Ratchasima will begin by December of this year.
Thailand, China, and Lao PDR are joining a project to develop
a railway network that will help reduce transportation costs for
entrepreneurs and distribute wealth to the regional areas of the
country.
Likewise, Thailand is working with Japan on three routes for
a high-speed train project. The first route, 672 km, will run
from Bangkok to Chiang Mai; the second route, 193.5 km, will
connect from Bangkok to Rayong, and the third route, 211 km,
from Bangkok to Hua Hin. Private sector investment will be
sought for this project.
In addition to enhancing rail connections within Thailand
and to the region, Thailand is also working on the Second
Thai – Myanmar Friendship Bridge, linking Mae Sot, Tak
province, with Myawaddy in Myanmar.
An inauguration ceremony for this project was held by
Thailand’s Deputy Prime Minister Somkid Jatusripitak
and the Deputy President of the Republic of the Union of
the Myanmar U Nyan Tun.
The bridge, which is
expected to be completed
within two years, will
help promote increasing
trade along the East-
West Economic Corridor
(EWEC) route. In this
connection, it should
be recalled that the
Myawaddy – Kawkareik
Road is part of the Trilateral
Highway Project linking
Thailand – Myanmar–India
and EWEC. It Myawaddy
– Tanaosri portion of the
road was completed
and unofficially opened
for public use on 9 July
2006 and the Tanaosri –
Kawkareik (26 kilometers)
part was more recently
completed in July 2015.
The road and the second Thai – Myanmar Friendship Bridge will
connect the two countries and facilitate trade and investment.
Another aspect of the government’s move to create stimulus
through infrastructure spending, which in turn attracts more
investment, is in its mega-projects including 17 Transport
Ministry projects. As reported in The Nation, “Bidding will start
this year on construction contracts for Bangkok’s mass-transit
East Orange (worth Bt110 billion), Pink (Bt31.2 billion), Yellow
(Bt31.6 billion) and South Purple (Bt103 billion) lines and six
standard-gauge dual-track rail routes worth Bt490 billion.”
Looking ahead over the next five years, investors can see a
region that is becoming increasingly interconnected, with age old
boundaries being opened and markets expanded. At the center
of all this activity is Thailand, with its pro-business government
and a liberal market economy.
Source: ACM Prajin Juntong, Deputy PM, meets with Mr. Masafumi
Shukuri, President of International High-Speed Rail Association (IHRA)
October 2015
Page 8

IT Salaries in Thailand
As of 2015-Q3, multinational companies in Thailand were
typically paying salaries for IT positions as shown in the following
table. The job categories in the table are arranged by skill and
level of experience. The column headed “Experience” refers to
total years of IT work experience, not necessarily just experience
with that specific skill.
Although the high end and the low end of the salary ranges
have remained largely unchanged over the past year, we are
seeing more positions being filled towards the higher end of
most ranges. This reflects the ongoing demand for IT staff
and contractors, especially those with good English language
skills. As we predicted last year, more job descriptions are
now including a requirement (or at least
a request) for experience with cloud-
related technologies (architecture and
migration, as well as development
and support). Many larger consumer-
oriented companies have also added
or increased the scope of senior
positions with responsibility for “digital
technology”. These are generally not
hands-on roles, but rather are more
focused on finding ways to create
an overall IT strategy across multiple
marketing and sales channels (web,
mobile, point-of-sale, loyalty programs,
etc.). The job functions which support
that effort (such as data analytics and
business intelligence) also continue to
be in high demand.
Speaking of mobility, one noticeable
trend has been the growing maturity
of SMEs in Bangkok’s software
development community, many of
which focus on creating mobile and
web-based applications (often for
overseas customers). While this is a
welcome change, it also increases the
competition for the “best and brightest”
developers and designers. So despite
the possibility of a slowing economy, we
don’t expect that it will get any easier to
find talented IT staff in the coming year.
The amounts shown in the table are
basic monthly salary only. Although
generally not guaranteed, most
companies also pay an annual bonus
of at least one month. Many larger
companies also offer a health insurance
plan and some also contribute to a
provident fund on the employee’s
behalf. Senior management positions
often include benefits such as a car (or
a transportation allowance), laptop, and
mobile phone. Companies located in
the provinces will sometimes offer an
additional “upcountry allowance” or
relocation benefit as an added incentive
for skilled staff to take a job outside
Bangkok.
The salaries assume staff who are Thai nationals, with at least a
reasonable command of English (or better, for the more senior
jobs). If the English proficiency is not strong, salaries may be
slightly lower. Similarly, for those positions where certifications
are indicated in the job description, candidates without
certification can generally be hired for somewhat less.
Contractors are also often available on a fixed-term basis for
many of these job functions. Contract rates are generally higher
than salaries for permanent staff in the same position. Rates
are also significantly affected by variables such as length of the
contract.
Job Description Experience Salary Range
Application Developer / Software Engineer / Programmer / Programmer Analyst
(.NET, XML, Java, Java EE, C#, MySQL, PHP, Ruby, Ajax, OOP tools, etc.)
2 - 3 years 30,000 - 45,000
3 - 7 years 45,000 - 70,000
7 - 10+ years 70,000 - 120,000+
Programmer/Analyst (RPG/400, COBOL) 5 - 7+ years 55,000 - 75,000+
System Analyst
(salary varies with technical or application-specific skills and industry knowledge)
5 - 7 years 55,000 - 70,000
Mobile Developer (iOS SDK, Android SDK, UI / UX development) 2 - 3 years 30,000 - 45,000
3 - 5 years 50,000 - 70,000+
Web Designer / Graphic Designer 3 - 5 years 35,000 - 50,000
Digital Marketing / Search Specialist
(SEM, SEO, PPC, etc.)
2 - 5 years 35,000 - 50,000
Digital Marketing Manager 5 - 10+ years 55,000 - 80,000+
Business Analyst (liaise between users and IT; not technology-specific) 5 - 7+ years 50,000 - 70,000+
Business Intelligence Developer / Data Modeler
(Cognos, SAS, Business Objects, Hyperion, QlikView, Crystal Report, ETL, etc.)
5 - 7 years 55,000 - 75,000
Implementation Consultant
ERP / Business Intelligence / Data Warehouse
(SAP, Oracle, Dynamics, SharePoint, Cognos, Business Objects, Teradata, etc.)
5 - 7 years 55,000 - 70,000
7 - 12 years 70,000 - 150,000
DBA (Oracle, SQL-Server) 5 - 7+ years 55,000 - 80,000
Data Architect / Data Scientist (higher end of salary range includes “Big Data”
experience, e.g. Hadoop, Hive, Netezza, Redshift, Teradata, etc.)
12 - 15 years 140,000 - 250,000+
Software Development Manager 10 - 12+ years 90,000 - 140,000+
Solutions Architect / System Architect 12 - 15 years 120,000 - 150,000+
Cloud Technology Architect 10 - 15 years 130,000 - 170,000
Helpdesk / IT Support 3 - 5 years 30,000 - 45,000
Software Tester / QA Engineer / UAT Specialist 3 - 5 years 30,000 - 45,000
5 - 7 years 45,000 - 60,000+
Software Quality Assurance Manager / Testing Manager 10+ years 110,000 - 150,000+
IT Auditor, with certifications (CISA, CPA, COBIT, etc.) 10 - 12+ years 100,000 - 150,000
Presale Technical Consultant
(Network / System Engineer, Cloud / Virtualization Consultant, for an IT vendor)
7 - 12+ years 70,000 - 100,000+
Network Engineer / Network Operations Center, with relevant certifications
(CCNA, JNCIA, CompTIA Network+, etc.)
3 - 5 years 35,000 - 50,000+
Network Administrator / Telecom Engineer, with relevant certifications 5 - 7+ years 50,000 - 70,000
System Engineer / System Administrator, with relevant certifications
(MCSE, MCSA, SCCM, SCOM, CompTIA Server+, etc.)
3 - 5 years 50,000 - 55,000
5 - 7 years 55,000 - 65,000
Network Security Administrator with vendor or other relevant
certifications (Cisco, Checkpoint, CompTIA Security+, etc.)
5 - 7 years 50,000 - 70,000
Infrastructure Manager, with vendor or other relevant certifications
(CCNP, MCSE, CompTIA Network+, etc.)
7 - 10+ years 70,000 - 90,000+
Senior Infrastructure Manager / Data Center Manager 10 - 15 years 120,000 - 150,000
Project Manager / Service Delivery Manager, with certifications (PMP, ITIL etc.) 10 - 12+ years 110,000 - 160,000+
Release Manager / Configuration Manager 10 - 15 years 120,000 - 170,000
Project Director / Program Director 15 - 20 years 200,000 - 300,000
IT Manager (salary varies significantly by industry and
by the size of IT department and IT infrastructure)
10 - 12 years 90,000 - 150,000
IT Director / Digital Technology Director / Mobile Technology Director 15+ years 180,000 - 250,000+
Chief Information Officer / Chief Technology Officer
(often includes some regional responsibility)
15 - 20+ years 250,000 - 400,000+
Source: ISM Technology Recruitment Ltd.
October 2015
Page 9

Thailand: Low Cost Construction
Thailand’s Aircraft Sector
Moves Forward
Thailand remains a cost effective location for foreign investment,
particularly when considered together with the infrastructure that
is available, the motivation of the government to assist foreign
investors and the incentives offered by the Thailand Board of
Investment. Within ASEAN’s second largest economy, investors
not only have access to a vibrant domestic market, but also are
able to use Thailand as a gateway into ASEAN and into Asia.
The Thai government has been working hard to boost up the
nation’s connectivity with its fellow ASEAN members, and to
provide investors with easy access to both markets and labor.
The Special Economic Zones (SEZs) being established along
the border will facilitate access to the lower cost labor of some
neighboring countries while maintaining a presence in Thailand.
Likewise, the new International Headquarters and International
Trading Centers policies will also facilitate this, while enjoying
very attractive tax incentives from the Thai Revenue Department
and service and assistance from the BOI.
One area where investors can find bargains in Thailand is in
prime office occupancy costs, with the Kingdom being among
the lowest in the region. But more than that, there has been
no increase in construction costs over the past year. In fact, a
standard low rise factory (under 10,000m2) carries construction
costs of between US$448 and $567 per square meter (exchange
rate at $1:THB33.5). Other costs are equally attractive, as
indicated in chart 2.
While minimum wage has increased in recent years, many
leading companies were already meeting the threshold and
more, attracted to Thailand not so much by low cost labor and
by the entire package that Thailand offers, including skilled and
productive labor. In this regard, the government has indicated
its intention to establish several economic clusters, one of
which will consist of leading educational institutions and those
undertaking research and development, which will facilitate a
transfer of knowledge and further improve the skill levels of the
work force.
Not long ago, the Thailand Investment Review newsletter team
had the chance to visit the Triumph facility in Amata Nakorn
Industrial Estate. A number of questions and topics were covered
that provided an in-depth look into not only the prospects of the
aerospace industry in Thailand, but also the future plans of
Triumph in the country.
Now, Thailand’s aircraft and aircraft parts industry takes another
step forward as Triumph Group, Inc. recently announced that
its subsidiary, Triumph Aviation Services - Asia Ltd., signed a
five year contract with Airbus S.A.S. to provide inspection, test,
repair and modification of Airbus Proprietary Parts (APP) for
the A320 and A330/340 programs. The company will provide
maintenance and repair services of rudders, elevators, wing
sharklets, flaps slats and other aircraft structures subcontracted
by Airbus or received directly from Asia Pacific customers based
on a collaborative marketing model.
Clearly, Thailand remains the place to invest and to position for
the soon to be ASEAN Economic Community. An upper middle
income country, liberal market economy, and a supportive
government await those who invest in Thailand, the gateway to
Asia.
Richard C. Ill, Triumph’s President and Chief Executive Officer,
said, “This award is an important win for Triumph, strengthening
our long-term relationship with Airbus and building our presence
in the structural component MRO market. We are excited about
our partnership with Airbus and their growing presence in the
Asia Pacific region and look forward to supporting this program
for many years to come.”
“This new contract signed with Triumph Aviation Services -
Asia reflects our aim to develop our industrial partnerships in
Thailand,” said Didier Lux, Airbus Head of Customer Services.
“With a skilled talent pool, competitive environment and a
centralized location in South East Asia, we believe that Thailand
has great potential to develop its aerospace sector.”
October 2015
Page 10

BOI Executive Director of the Investment Marketing Bureau
Dr. Bonggot Anuroj (4th from left), and Director of the Foreign
Expert OSOS Services Group Krongkanoke Managitjonggol
(4th from right), welcomed MACAE-Specialized Investment
Agency Officers from Democratic Republic of Timor-Leste at the
OSOS and gave a presentation on the role of BOI and new BOI
investment policy, on 17 September 2015.
BOI Secretary General Mrs. Hirunya Suchinai delivered opening
remarks and BOI Senior Executive Investment Advisor Ms.
Ajarin Pattanapanchai gave a presentation at the seminar on
“Thailand’s New Investment Promotion Strategies: Toward
Sustainable Growth” at Nanning International Convention and
Exhibition Center, Nanning, Guangxi Zhuang, China, on 19
September 2015.
BOI Deputy Secretary General Duangjai Asawachintachit (3rd
from right), welcomed H.E. Maris Sangiampongsa, Ambassdor
of Thailand to New Zealand,(4th from right) and New Zealand
investors from the agricultural sector, at the OSOS on 15
September 2015.
Deputy Prime Minister H.E. General Dr. Tanasak Patimapragorn,
H.E. Apiradi Tantraporn, Minister of Commerce, and BOI
Secretary General Mrs. Hirunya Suchinai and other high ranking
Thai government officials, joined a Round-table Dialogue with
CEOs during the 12th China ASEAN Expo in Nanning, Guangxi
Zhuang, China, on 18 September 2015, to provide information
and exchange views on investment in Thailand.
Minister of Science and Technology Dr. Pichet Durongkaveroj
presided over the signing of an MOU by BOI Secretary General
Hirunya Suchinai and Permanent Secretary Ministry of Science
and Technology (MOST) Weerapong Pairsuwan, to promote
R&D in science, technology and innovation. The event was
held at the One Start One Stop Investment Center (OSOS),
Chamchuri Square, on 14 September 2015.
BOI Executive Director of the Investment Marketing Bureau Dr.
Bonggot Anuroj welcomed government officers from Jiangsu
Department of Commerce, and Jiangsu entrepreneurs led by Ms.
Chen Xiaomei, Deputy Director General of Jiangsu Department
of Commerce, China, at the OSOS on 15 September 2015.
BOI’S MISSIONS AND EVENTS
October 2015
Page 11

THAILAND ECONOMY-AT-A-GLANCE
Source: Stock Exchange of Thailand
Source: Bank of Thailand
SET Monthly Closing Values
International Reserves / Short-term Debt (%)
Exchange Rate Trends
Industrial Capacity Utilization (%)
Head Office, Office of the Board of Investment 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900, Thailand
Tel: +66 (0) 2553 8111 Fax: +66 (0) 2553 8316 Website: www.boi.go.th E-mail: head@boi.go.th
BEIJING
Thailand Board of Investment,
Beijing Office
Royal Thai Embassy
No.40 Guang Hua Road,
Beijing, 100600, P.R.China
Tel: (86-10) 6532-4510
Fax: (86-10) 6532-1620
E-mail: beijing@boi.go.th
FRANKFURT
Frankfurt Office
Bethmannstr. 58, 5.OG
60311 Frankfurt am Main
Federal Republic of Germany
Tel: (49 69) 92 91 230
Fax: (49 69) 92 91 2320
E-mail: fra@boi.go.th
GUANGZHOU
Guangzhou Office
Royal Thai Consulate-General
Guangzhou
No.36 Youhe Road, Haizhu
District, Guangzhou, P.R.C
510310
Tel: +8620 8385 8988
Ext. 220-225
+8620 8387 7770 (Direct Line)
Fax: +8620 8387 2700
E-mail: guangzhou@boi.go.th
LOS ANGELES
Los Angeles Office
611 North Larchmont Boule-
vard, 3rd
Floor, Los Angeles,
CA 90004 USA
Tel: (1-323) 960 1199
Fax: (1-323) 960 1190
E-mail: boila@boi.go.th
MUMBAI
Mumbai Office
Royal Thai Consulate-General,
Express Tower, 12th
Fl.,
Barrister Rajni Patel Marg,
Nariman Point, Mumbai,
Maharashtra 400021
Republic of India
Tel: (9122) 2204 1589-90
Fax: (9122) 2282 1071
E-mail: mumbai@boi.go.th
NEW YORK
New York Office
7 World Trade Center,
34th
Floor, Suite F, 250 Green-
wich Street,
New York, NY 10007
Tel: (1-212) 422 9009
Fax: (1-212) 422 9119
E-mail: nyc@boi.go.th
OSAKA
Osaka Office
Royal Thai Consulate-General,
Osaka, Bangkok Bank Bldg.
7th
Floor , 1-9-16 Kyutaro-
Machi, Chuo-Ku, Osaka
541-0056 Japan
Tel: (81-6) 6271-1395
Fax: (81-6) 6271-1394
E-mail: osaka@boi.go.th
PARIS
Paris Office
Ambassade Royale de
Thailande, 8, Rue Greuze
75116 Paris, France
Tel: (33 1) 5690 2600
(33 1) 5690 2601
Fax: (33 1) 5690 2602
E-mail: par@boi.go.th
SEOUL
Seoul Office
#1804, 18th
Floor, Koryo
Daeyeongak Center,
97 Toegye-ro, Jung-gu, Seoul,
100-706, Korea
Tel: (822) 319-9998
Fax: (822) 319-9997
E-mail: seoul@boi.go.th
SHANGHAI
Shanghai Office
15 F., Crystal Century Tower,
567 Weihai Road, Shanghai,
200041, P.R.China
Tel: (86-21) 6288-9728,
(86-21) 6288-9729
Fax: (86-21) 6288-9730
E-mail: shanghai@boi.go.th
STOCKHOLM
Stockholm Office
Stureplan 4C 4th
Floor
114 35 Stockholm, Sweden
Tel: +46 (0)8 463 1158
+46 (0)8 463 1172
+46 (0)8 463 1174 to 75
Fax: +46 (0)8 463 1160
E-mail: stockholm@boi.go.th
SYDNEY
Sydney Office
234 George Street, Sydney,
Suite 101, Level 1,
New South Wales 2000,
Australia
Tel: +61-2-9252-4884
Fax: +61-2-9252-4882
E-mail: sydney@boi.go.th
TAIPEI
Taipei Office
Taipei World Trade Center
3rd
Floor, Room 3E39-40,
No.5, Xin-Yi Road, Sec.5
Taipei 110, Taiwan, R.O.C.
Tel: (886) 2-23456663
Fax: (886) 2-23459223
E-mail: taipei@boi.go.th
TOKYO
Tokyo Office
Royal Thai Embassy
8th
Fl., Fukuda Building West,
2-11-3 Akasaka, Minato-ku,
Tokyo 107-0052 Japan
Tel: (81 3) 3582 1806
Fax: (81 3) 3589 5176
E-mail: tyo@boi.go.th
Facts about Thailand
Population (2014) 65 million
ASEAN Population 625 million
Literacy Rate 96%
Minimum Wage 300 Baht/day
GDP (2014) US$ 404.8 billion
GDP per Capita (2014) US$ 6,041.1
GDP Growth (2014) 0.9%
GDP Growth (2015, projected) 2.7 – 3.2%
Export Growth (2014) -0.3%
Export Growth (2015, projected) -3.5%
Trade Balance (2014) US$ 24.6 billion
Current Account Balance (2014) US$ 13.1 billion
International Reserves (2014) US$ 157.1 billion
Capacity Utilization (2014) 60.48%
Manufacturing Production Index (2014) 168.2
Core Inflation (2015, projected) 1.59
Headline Inflation (2015, projected) 1.89
Consumer Price Index (August 2015) 106.33
(2011=100)
Corporate Income Tax 10-20%
Withholding Tax 0-15%
Value Added Tax 7%
August Average Exchange Rates
US$1 = 35.42 baht
€1 = 39.46 baht
£1 = 55.24 baht
100 ¥ = 28.79 baht
CNY1 = 5.59 baht
Top 10 Exports 2015 (Jan-July)
Product Share
Value
(US$ bn)
1 Motor cars, parts and accessories 11.62 14.54
2 Automatic data processing machines
and parts thereof
8.04 10.05
3 Precious stones and jewellery 4.81 6.02
4 Refine fuels 3.93 4.92
5 Polymers of ethylene, propylene, etc
in primary forms
3.93 4.91
6 Electronic integrated circuits 3.37 4.21
7 Rubber products 3.35 4.19
8 Machinery and parts thereof 3.25 4.07
9 Chemical products 3.20 4.00
10 Iron and steel and their products 2.52 3.15
Total 125.08
Source: Ministry of Commerce
Source: Bank of Thailand
Source: Bank of Thailand BOI
October 2015
Page 12

Thailand Investment Review (October 2015)

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