Why International Business Is Important for Thailand?

Why international business is important for Thailand?

Nowadays international business has played an important role in globalization. Many countries are interested in international business and try to push their companies to become international businesses. Why many countries interested in international business? The simplest answer is that they want to enlarge their market to other countries. They also get lot of benefits such as avoiding transport cost, seeking the lowest cost and escape trade tariffs. For Thailand, there are many reasons why international business is important as follow: First of all, it increases employment rates. In a highly competitive world, companies seek to reduce their costs as much as possible. Well know examples of international business like McDonald’s, Coca Cola, Toyota and LG. Many foreign companies locate in Thailand in order to get low cost location for their production facilities or be attracted by skilled or cheap labors. In turn, it generates jobs and income that lead to improve the living standard of Thai people. The next reason is that it has a powerful influence on the economy of Thailand. International business helps Thai economic grow up that lead many countries confident and want to invest in Thailand. Thailand can get a lot of money from an import duty which is a part of government income and they use this money to develop its country such as hard service like road, bridges and BTS stations. Thirdly, technology transfer is an incentive. International business comes with new technologies. It provides the opportunities to the domestic companies. These opportunities include technology, management expertise, market intelligence and product developments. Thus, it helps domestic firms develop themselves to meet these challenges. It also enhances skill and knowledge for Thai people. To sum up, international business brings lots of opportunities to Thailand. It helps to reduce unemployment rate, makes strong economic