Market Expansion into Thailand

Thailand, with a nominal GDP of approximately USD 549 billion in 2023, is the second-largest economy in Southeast Asia. Future growth is expected to be driven by tourism, exports, and government stimulus measures.

Home to around 71 million people, Thailand has a labor force exceeding 40 million, with about half residing in urban areas. The workforce remains youthful, with a significant portion under 35, supporting the nation’s economic growth.

Thailand’s economy is diverse and increasingly competitive, with the service sector – particularly tourism – serving as its backbone. In 2024, tourist arrivals surged to 36.1 million, nearing pre-pandemic levels, and are projected to reach 41.1 million in 2025. Key industries driving growth include electronics (notably computers and components), automotive (with a focus on electric vehicles), food processing, and agriculture – where Thailand ranks as a global leader in rice and rubber exports.

The Thai government is steering the nation toward a digital future, prioritizing accessible digital infrastructure nationwide. Initiatives such as the “Digital Thailand” vision aim to foster job creation in tech sectors and develop a thriving digital ecosystem. Policies like the virtual bank licensing framework, introduced in 2024, underscore efforts to enhance financial inclusion and adapt to evolving digital consumer trends.

Thailand remains a top destination for foreign direct investment in Southeast Asia, supported by its open, market-oriented economy, streamlined regulations, competitive tax rates, and trade-friendly policies. The Eastern Economic Corridor (EEC) continues to attract investment in high-tech industries, with capital inflows bolstering manufacturing and green energy projects.

Orissa International assisted a distributor of an Australian brand of dairy milk powder with business matching in Thailand. The client’s products, which were made in Australia, ranged from infant formula to follow-on milk for toddlers and nutritional milk for the elderly. Our team in Thailand identified a long list of 33 potential partners, which included local distributors of milk products and complementary products, as well as wholesalers, retailers and e-commerce players. As the client was unable to travel due to the Covid-19 pandemic, we organized conference calls for the client with nine companies that were highly interested in representing the company in Thailand.

Orissa International undertook a partner search project in Thailand for a manufacturer of valves and accessories for tankers.  We undertook research to identify Thai manufacturers of petroleum tankers, as well as distributors of replacement parts for the tanker truck industry. Using a set of  criteria based on in-depth discussions with the client, we built up a long list of 30 potential partners. For each company, details provided included information such as website, location, products manufactured/distributed, brands, local network, and export markets served (where applicable). After the client selected the best-fit companies, we undertook an extensive program of pre-qualification and successfully identified five companies that were interested in connecting with the client. We then helped organized business matching meetings for the client.

Orissa International assisted a manufacturer of fire survival mineral insulated cables in developing their market strategy for Thailand. The client had appointed a distributor in Thailand, but after a few years in the market, remained unsuccessful in achieving any substantial sales in the market. We analyzed the company’s sales strategy, then undertook a research study where we interviewed various distributors, contractors, developers, and government agencies to better understand the demand for the product in Thailand, the procurement process, key competitors and the regulatory landscape. We identified new sectors that presented viable opportunities for the client, identified upcoming projects, and also helped to connect the client to potential end-users in that sector.