Chinese eye Thai properties to hedge against economic issues at home
The six Southeast Asian nations reported a combined 70 million foreign tourist arrivals in 2023, according to official data. Thailand and Malaysia accounted for more than half of the tally, generating about US$48 billion in tourism revenue.
The single-visa is the most-ambitious among Srettha’s line-up of tourism initiatives but targeted for the long-term. The industry has served the country well, accounting for about 20 per cent of total jobs and making up about 12 per cent of the nation’s US$500 billion economy. Barring the pandemic years, tourism has flourished and provided a cushion against a slump in manufacturing and exports, the traditional bulwarks of the economy.The tourism industry is upbeat, with Marisa Sukosol Nunbhakdi, a former president of the Thai Hotels Association, saying “a common visa could entice long-haul travellers to make an easier decision”. The visa validity will need to be extended to 90 days from the usual 30-day period to make it attractive, she said.
If done right, the benefits of visa-free travel won’t be confined to tourism alone as ease of travel would be a boon for business travellers and trade, according to Bill Barnett, managing director of hospitality and property consultancy C9 Hotelworks.
But a Schengen-type visa, which allows free travel around the border-free zone within Europe, may be an uphill task given the Association of Southeast Asian Nation’s poor track record in expediting multilateral policy framework and the group’s standing as a talking shop.“Country by country seems to be the best way to do it,” Barnett said. “Bilateral agreements, where governments are leading the way for this type of thing, make a lot of sense as they are looking outward and not inward.”
With Srettha being a neophyte in politics, he may lack the clout to push through the visa proposal, Thitinan said.
“All the various things he’s been trying to do, I see it as picking low-hanging fruits and picking fruits off the ground,” Thitinan said. “Sometimes fruits on the ground are rotten.”