International business is a common practice in many parts of the world. Many countries engage in international trade in order to export their products and import whatever they do not produce (DEP: Department of Export Promotion Thailand). New business concepts have emerged in order to cushion every developing country from economic sabotage. The concept of import substitution is a government strategy aimed at replacing some industrial or agricultural imports. Many countries use this practice to promote local production and consumption.
This approach promotes innovation and economic growth. Another critical concept is export promotion. Many countries undertake this concept to promote economic growth. Such countries also use the best policies and subsidies to increase their exports. These two concepts are critical towards supporting the economic development of every nation. Countries embraced these two concepts depending on their economic goals and objectives.
Thailand is currently repositioning itself to become a global trade partner. The Department of Export Promotion (DEP) is looking for new opportunities to support every international businessperson. The DEP also provides the best business information and support to every foreign investor. The country has established new Regional Trade Promotion Centers (RTPCs) to promote international business. The country has formed new strategies to export its products to countries such as Cambodia and Laos (Thailand: A National Export Initiative Priority Market).
The country is currently forming new relationships with many foreign countries and companies. The country has created new opportunities for international companies such as Toyota and Honda. Many American companies have established new franchises and partnerships in Thailand. These YouTube videos explain how Thailand is opening its doors for international business. These videos also explain why Thailand is supporting the concept of export promotion. This approach will make Thailand a successful country.
Thailand is one of the growing economies in the Asian continent. The country has established the best mechanisms in order to promote international trade. Every global entrepreneur and marketer can invest in Thailand in order to realize his or her goals. These videos identify some of the leading industries and markets in the country. These videos encourage foreign companies to invest in Thailand.
My first option as a foreign investor is exporting motor vehicles to different Thailand customers. The country’s motor vehicle industry is growing rapidly. The other profitable sector is the cosmetic industry. Many citizens in the country are looking for quality skin care and beauty products. My decision to invest in this sector will make me a successful businessperson (DEP: Department of Export Promotion Thailand).
I can also export quality medical devices and equipment to this country. Many customers are looking for quality medical equipment and supplies. I can invest in this sector because it has become profitable in the country. Many people in Thailand are also looking for quality American education. Every American entrepreneur should take this opportunity in order to realize his or her potentials.
I can establish a reputable institution to provide the required academic skills and knowledge. According to these videos, many Thais are looking for quality education. I can also invest in the country’s Fast Foods Industry. Many citizens are enjoying better living standards because of the country’s economic growth (Thailand: A National Export Initiative Priority Market). These videos are meaningful because they explore every issue affecting this nation. Thailand has opened its doors for every international entrepreneur. Every investor should consider these opportunities in order to achieve his or her business objectives.
Works Cited
DITPVienna. “DEP: Department of Export Promotion Thailand.” Online video clip. YouTube, 2011.
TradeGov. “Thailand: A National Export Initiative Priority Market.” Online video clip. YouTube. YouTube. 2011.