US businesses' satisfaction with the business climate in Thailand has decreased across 14 out of the 16 indicators of the business environment, according to a survey.
In some indicators, the satisfaction has decreased by more than 20 per cent, according to the annual Asean Business Outlook Survey, released today by the US Chamber of Commerce and the American Chambers of Commerce in Asean member countries.
In comparison, investor confidence has been steadily increasing in some of Thailand's neighbouring countries, such as Malaysia, Vietnam and Cambodia. For example, investor satisfaction with new business incentives offered by the government has risen by 25 per cent over the past five years in Malaysia and decreased by 5 per cent in Thailand.
"These results indicate that competitiveness is not something you achieve once and enjoy forever; remaining competitive is a process that requires a firm commitment and continuous tweaking and adjusting of laws and regulations to build and support a favourable business environment. In order to remain attractive to investors, Thailand will have to keep in step with neighboring countries as they open their economies and entice investors with attractive incentives," says Darren Buckley, president of the American Chamber of Commerce in Thailand.