- During the epidemic, online shopping enterprises have expanded, with Singapore being the biggest investor in Thailand as companies adjust to shutdown measures.
Over the last few years, the authorities have expedited infrastructure building to facilitate e-commerce, aiming to encourage many industries to enter the digital economy. The Thai Business Development Department recorded 794 new e-commerce firm applications in the first 7 months, up from 576 in the very same time in 2020.
Overseas firms are willing to invest in e-commerce enterprises, indicating Thailand’s attractiveness as a marketplace. Singapore is the most active investor, with a combined market capitalization of 16.1 billion baht, followed by Hong Kong with 2.23 billion baht, and China with 322 million.
The number of new e-commerce business licenses is projected to increase further in the second period, and it is expected to become a breakthrough industry in 2021, and the government is set to increase e-commerce income to 5.35 trillion baht by next year, up from 4.03 trillion baht in 2019.