From the Editor

Dear readers,

Tourism is one of the key drivers of Thailand’s economic growth, accounting for almost 22 per cent of its gross domestic product (GDP) in 2019. That year the around 40 million foreign tourists spend THB Baht 1.9 trillion (US$ 49.6 billion).

Despite being adversely affected by the COVID-19 pandemic during the past two years, coupled with high inflation and increasing commodity prices due to the Russian War in the Ukraine, Thailand already reached its tourism goal of 10 million arrivals in 2022 on December 10. The Thai economy in Q3/2022 recorded the fastest growth in a year – 4.5 per cent – as a result of the pick-up in tourism, amid rising domestic consumption. People have tended to travel as a way of making up for lost time during the pandemic, so-called “Revenge Travel”. GTCC member G.M. Tour & Travel (GM) saw its bookings explode overnight when destinations eased entry restrictions.

The projected number of foreign arrivals will increase in 2023 to 22 million and 34 million in 2024, according to Tourism Authority of Thailand (TAT) Governor Yuthasak Supasorn.

During 2023-2027, the Thai Government aims to rebuild high-value tourism and attract affluent tourist groups consisting of wealthy global citizens and pensioners, professionals and highly skilled professionals, under a "reform and resilience" strategy, according to Finance Minister Arkhom Termpittayapaisith. This will enable tourism to continue as a strong driver of Thai economy for years to come.

The Long-Term (LTR) Visa is a decade-long visa designed to attract high-potential foreigners to relocate to Thailand on a long-term basis. The Government has launched a set of incentives to attract long-staying investors and foreigners. The LTR Visa is aimed at attracting four groups of high-potential foreign residents, i.e., high-income earners, retirees, highly-skilled workers and professionals working remotely from Thailand. In 2022-2026 about 1 million qualified new foreign residents are expected to generate THB 1 trillion in spending, THB 800 billion in investments, and THB 270 billion in tax income.

The pandemic is not only a challenge but also has brought new opportunities to Thailand’s tourism and hospitality sector such as the emergence of new demographics and demands for different types of services for wellness, privacy, health and premium experiences.

Siam Seaplane has already exploited the new opportunities by offering premium and personalised private charter and sightseeing flights. The Lufthansa Group also understands the change in customers' behaviour and demand for sustainable travel with a wellness focus. The German airline will be launching "Allegris" worldwide, delivering the most personal premium experiences to customers in all travel classes. Sustainable Aviation Fuel (SAF) is used in the group’s aircrafts as an alternative to fossil energy sources and it aims to lead the aviation industry into a sustainable future by becoming carbon-neutral by 2050.

I trust you will enjoy an interesting and informative read.

Dr. Roland Wein