If you’re looking to begin your startup in South East Asia, then Bangkok can be your best place. It is known to be one of the widely booming startup scenes. Industry and manufacturing have played an important role in the economic growth of this populous city. It is the major center for auto-assembling industry in entire Southeast Asia.
It is the most developed market of auto parts such as Honda, Toyota, and Mercedes Benz. Vast industrial centers can be found around Bangkok as it’s the financial middle of Thailand and is the home to several third banking institutions. Textiles, food handling, and automobiles are the most flourishing industries over here, and if you’re planning to start your startup, this city can support you in finding the best financial support. Bangkok is the biggest exporter of hard disks, chips, and other components that ensure the functioning of your personal computer. This industry contributes 44.9 percent of the total GDP and has employed a multitude of individuals.
Bangkok is one of the most famous marketplaces for pick up trucks, which contributes 50 percent share of one-ton trucks. The automotive industry is respected drivers of the overall economy over here with a huge network with foreign companies improving the supply string of car creation. This is an integral sector that makes up about 12% of GDP of the Thai economy. More than 1.9 million vehicles are produced in Thailand and Bangkok holds a major talk about of this quantity.
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It is also a creation base internationally for the green automotive. You will find nineteen automotive and eight manufacturers of the motorbike with the service of assembling plants in Bangkok and leading automotive manufacturers like Honda, Toyota, Ford, Nissan, and Mitsubishi export vehicles globally from Bangkok. To encourage manufacturing investment Board of Investment offers incentives and tax-related benefit to the car manufacturers and encourage them to spend money on fuel-efficient and electric vehicles.
Being a metropolitan Bangkok is the best market for startups and business-business owners. You can explore this city with your business idea, and the startup environment over here will attract you to start your business over here. The best thing about starting your business venture in Bangkok is that you can get business investment promotion from the Thailand Board of Investment. This agency encourages investment and is formed with the only real purpose to promote business investment in Bangkok.
You can get competitive and attractive taxes deal from BOI, and it doesn’t impose any foreign equity restriction related to the production activities. The working spaces have also proliferated with the growth of business owners and startups over here as they provide manageable procedure of your business. You can hit other like-minded business lovers with creative ideas while working at these areas.