Thailand’s Commerce Ministry has reported that more foreign investors are interested in e-commerce ventures 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 both small and large businesses to focus on e-commerce, citing Department of Business Development (DBD) data which shows that e-commerce, especially for retail business, increased significantly this year.
The DBD reported that there were 794 new business registrations for e-commerce in the first seven months of this year, up from 576 businesses in the same period of last year. New e-commerce business registrations are expected to keep rising in the second half and it is likely to become a “sunrise” business this year.
According to Mr. Sinit, Singapore ranks as the top investor, with accumulated registered capital of 16.1 billion baht, followed by Hong Kong at 2.23 billion, then China, with investment of 322 million, reflecting Thailand’s potential as an attractive market. The government aims to raise e-commerce revenue to 5.35 trillion baht next year, up from 4.03 trillion baht in 2019. (NNT)