In a Nutshell: New Businesses, Joint Ventures in Thailand This 2023

Strategic trade location is what makes Thailand the top choice for starting business ventures, as the kingdom maintains strong ties with emerging markets in Asia, including Cambodia, Laos, Myanmar, and Vietnam.

Another reason why more businesses are gravitating towards Thailand is its diverse market, which presents exciting opportunities. From hotels to automobiles and electric vehicles, here are some of the new companies added to the mix of Thailand’s business industry in 2023.

Cookies

On Jan. 21, globally recognised cannabis company Cookies opened its branch in Bangkok. In line with the legalisation of marijuana in the kingdom in June last year, the San Francisco-based weed company took the opportunity to open their first store in Asia.

Cookies founder and American rapper Gilbert Milam, aka Berner, invited a Buddhist monk to bless the store during its opening. It offers its iconic cultivars, munchie combos, and Cookies SF clothing and accessories, to name a few. The store is open everyday from 11 AM-7 PM.

Location: Cookies, 51/2 Ruam Rudi 3 Alley, Bangkok

Ritz-Carlton Bangkok 

Another urban oasis that will be joining Bangkok’s booming hotel sector this 2023 is the Ritz-Carlton. The luxury hotel has a 50-storey edifice, the first 25 floors of which are dedicated to mixed-use development. It has a total of 259 guestrooms, including 32 signature Ritz-Carlton suites.

When it comes to leisure and lifestyle, the Ritz-Carlton Bangkok will be home to a total of four restaurants and bars, as well as a fitness center and a spa with a total of six treatment rooms, which will include wet lounges, whirlpools, saunas, and steam rooms.

Location: Ritz-Carlton, FIRSTER King Power Mahanakhon, 114 Naradhiwas Rajanagarindra Road, Silom, Bang Rak, Bangkok

ALD Automotive and Mitsubishi HC Capital

ALD Automotive and Mitsubishi HC Capital joined forces to provide more reliable business car leasing services in Thailand. On Feb. 1, ALD issued a press release stating the closing of the transaction is scheduled for the second quarter of 2023. 

The joint venture aims “to expand its coverage to key international clients of ALD, other multinationals and local Thai entities” and introduce “multi-brand, full service operational leasing and fleet management with related mobility products for corporate clients.”

NV Gotion

Another joint venture in Thailand this 2023 is called the NV Gotion. The partnership will involve China-based Gotion High Tech Company, the Gotion Singapore subsidiary, and Nuovo Plus, the subsidiary of Thai petrochemical firm PTT.

Part of the plan is to establish a battery pack assembly plant to back up the increasing demand for electric vehicles and energy storage in the kingdom. Production is expected to begin by the fourth quarter of 2023.

The initial registered capital for the project was THB300 million, of which PTT will own 51% and Gotion 49%.