Thailand is an Attractive Destination for Foreign Investors Essay

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During the past decades, Thailand has been an attractive destination for foreign investment. Thailand is able to supply necessary raw materials, efficient human resources, competent infrastructures, as well as the advantage of geographical location of Thailand. Moreover, the Thai government stimulates economic growth by encouraging foreign investors to establish their businesses in Thailand. Many policies have been launched such as the setting up of the Thailand Board of Investment (BOI) to co-operate with all foreign investors. Both the Free Trade Agreements (FTAs) between Thailand and Japan, India, Australia, New Zealand, Peru, Chili, and FTAs with European Union (EU) and Canada in the near future, as well as the Free Trade Agreements…show more content…
In 2013, Singapore was ranked the 10th of Thailand’s trading partners. Also, according to the record in 2013, Thailand’s imported and exported volume to South Korea was worth around 415,160.4 million baht which was 2.8% of the total international trade volume (Ministry of Commerce of Thailand, 2014). According to the aforementioned Thailand’s international trade information, South Korea is a valuable business partner of Thailand. Many Thai businesspersons have to engage in business relationships with South Koreans. And one of the important activities for doing international business is negotiation. In intercultural business negotiation nowadays, the stakes are quite often high and hence it is necessary to carefully and effectively plan and prepare the negotiation (Ghauri, 2003, p.3). Furthermore, intercultural business negotiation differs from any other forms negotiation. There are many characteristics that distinguish intercultural business negotiation from negotiation in domestic setting. For instance, in intercultural business negotiation, the process to manage business relationships becomes much more complex when more than one culture is involved. And in the process of the negotiation, culture has been regarded as one the most influential factors (Lewiki et al., 2010, pp.441-449). Culture is therefore a very important factor influencing success or failure of a business. Lacking of cultural competence will lead to
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