One of the largest economies in Southeast Asia, Thailand has long been a major destination for Swedish businesses investing in the region.
This report presents the fifth edition of our Business Climate Survey of Swedish companies
operating in Thailand. The outlook for 2025 is mostly optimistic, with 73 per cent of the respondents expecting their industry turnover to increase in 2025.
Although steady, Thailand’s economic growth is slower compared to other countries in the Asia-Pacific region. A key factor for this has been persistent structural challenges that have become barriers to trade and investment. However, Thailand’s recently attained membership in the Organisation for Economic Cooperation and Development (OECD) and its current free trade negotiations with the European Union could be catalysts for change that address issues regarding customs procedures and technical standards, as well as improve market access and increase trade diversification.
The ‘Swedish brand’ remains strong for Swedish companies operating in Thailand. Most respondents consider being Swedish an asset that contributes at least partially to their business. The survey data also suggests opportunities for further strengthening the Swedish brand’s influence within the Thai market by cultivating stronger local relationships and effectively communicating the unique value propositions of Swedish companies.
The Thai market shows growing awareness of sustainability, with respondents noting increased consideration for the environment among consumers. Meanwhile, corruption and human rights issues remain. However, while a large portion of respondents report encountering the former, none in the survey did so for the latter.
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ABOUT THE SURVEY
To evaluate the opportunities and challenges faced by Swedish companies in international markets, Team Sweden conducts annual Business Climate Surveys around the world. This year’s Business Climate Survey for Thailand was conducted with the participation of 51 Swedish and Swedish-affiliated private entities operating in Thailand. Over half of the respondents represented industrial companies, while another quarter were professional service providers, and the vast majority had been operating in Thailand for more than five years.
We would like to express our deepest gratitude to the participating companies and respondents who contributed to this report. Team Sweden in Thailand trusts that the insights and information in this report can serve as a backdrop for policy dialogue with Thai government representatives and various Thai stakeholders.