The Ministry of Commerce published business registration statistics for May, indicating that food and tourism companies are progressively recovering due to the softening of tourism and travel regulations.
According to the ministry’s report, the number of new company registrations increased by 6 percent in May from a year ago, and capital increased by 30 percent to 14.3 billion baht. Among these new business registrations, restaurants remained in the top three of the dynamic sectors for the fourth consecutive month, closely followed by general building construction and real estate businesses.
The deputy director general of the Department of Business Development, Mr. Jitakorn Wongkhatekorn, said that despite the fact that the number of registrations in the last five months was lower than in the same period of the previous year, the growth of new business registrations in the last few months of 2022 is expected to improve, especially in tourism-related businesses. The relaxation of travel regulations, as well as the government’s policy to support domestic tourism, will play an important role in boosting the tourism industry.
For example, the Department of Business Development expects 40,000 to 42,000 new business registrations in the first half of the year and 70,000 to 75,000 for the whole year. The official agency says this amount would be in line with forecasts for economic recovery. Despite these optimistic trends, the deputy director general expressed concern about rising fuel prices, the end of the cooking gas subsidy program, and infections at Covid-19 that could rise again. All of these factors are creating uncertainties that are eroding business confidence in a sector that would like to turn the page on the Covid-19 pandemic.
