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Business Business Profile: Thailand and Bangkok were at the heart of the Asian economic collapse in 1997. The economy had been growing at a steady pace throughout the 1980s and 1990s and it was perceived to be one of the Asian Tiger economies. Since 1997, the economy has shrunk and unemployment has increased dramatically. There has even been unemployment among the long-term ex-pat community. The government took swift action to control the economy and stabilise the currency and an improvement is expected for 2000. The IT market has been very badly hit and has shrunk dramatically forcing many companies to close, scale down their operation or sell to foreign investors. However, internet use is still growing and the government has recently introduced the necessary laws to govern electronic commerce. Tourism has been a particular success story for Thailand. Following the economic collapse and the flotation of the Baht in July 1997, the government launched its 'Amazing Thailand' campaign which saw a dramatic increase in the number of visitors in 1998 and 1999, many of whom were keen to take advantage of the favourable exchange rate. Other economies in the region saw a dramatic decrease in tourist arrivals at the same time as Thailand reported a 6.4% increase. Business Etiquette: As Thailand is perceived to be at the heart of South East Asia and the gateway to other markets in the region, many multinational companies have a presence in the city. Companies from all industries have offices or manufacturing companies in Bangkok such as Toyota, Unilever, Proctor and Gamble, Philips, Sony, Compaq and even Tesco who have bought a 75% share in a retail group with 12 stores. Despite the downturn of business and the erosion of profits for all markets, confidence is still high and most foreign investors have stayed put and favour a long-term commitment to Bangkok and Thailand as a whole. An economic recovery is expected within the next two to three years, however, there is still a huge difference in the standard of living between city dwellers and those in the countryside. Most senior businesspeople in large and international companies will speak English, but it is not common in smaller companies. It is essential to make appointments for business meetings and to exchange business cards. Punctuality is also very important (although the visitor is quite often likely to be kept waiting after arrival) - the Bangkok traffic must be taken into consideration when going to appointments. Office hours are usually 0900-1700 Monday to Friday. |
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