Thai job creators foster 14 percent rise in new firms

New business registrations are expected to rise by 14 percent compared to last year when the final figures are tallied for 2021, the Ministry of Commerce said last week about a sign that Thailand’s economy is gaining strength despite the pandemic.

Many businesses, particularly small businesses, have suffered greatly during the two-year battle against the coronavirus. Some small shops have closed, unable to withstand the drop in customers when COVID-19 restrictions had most people working from home. But the Thai economy is proving to be tougher, and the Kingdom’s entrepreneurs are continuing to invest in new ventures.

New business registrations this year are expected to grow by 13.7 percent to 72,000, outpacing the 63,340 last year, and the government’s target of 65,000 to 70,000 for this year, said Sorada Lertharpachit, Deputy Director-General of the Business Development Department at the Ministry of Commerce.

Although concerns abound about what effects the Omicron variant will have on the course of the pandemic, the government is still taking a hopeful and optimistic view of the coming year.

“We expect next year’s trends to remain similar to this year, as more e-commerce shopping is anticipated, causing an expansion of the delivery, packaging, IT management, herbal and medical product segments,” Sorada said.

The Department reported that through the first 11 months of 2021, new business registrations rose 15 percent year-on-year to 69,253, with combined registered capital worth $6.3 billion baht, up by 2 percent. In November, they rose by 26 percent, signaling positive momentum going forward.