Thai tourism aims sky-high: 3 trillion baht revenue target unveiled

Photo by Lkszy Dgtl on Unsplash

The Thai tourism and sports minister announced an ambitious new target for foreign tourism revenue: an unprecedented 3 trillion baht.

The minister, Sudawan Wangsuphakijkosol, revealed the goal, which marks a considerable increase from the 1.9 trillion baht recorded in 2019, is part of a broader strategy to position the nation as a leading hub for sports and entertainment.

Sudawan acknowledged that while the government is eager to reach this lofty target, an action plan is yet to be finalised. She referenced the recent Cabinet decision to exempt visas for citizens of select countries as an initial step towards boosting tourist numbers.

“Prime Minister Srettha Thavisin has provided us with avenues to draw in more tourists, beginning with the removal of visa requirements for some and simplifying airport travel procedures.

“Our next step is to develop a series of substantial projects to help us meet our targets.”

As part of this goal of earning 3 trillion baht from tourism, the minister highlighted the need for large-scale, consistent tourism initiatives over the next four years, rather than sporadic events. Sudawan explained that the ministry is focusing on staging sports and entertainment events with mass appeal, such as international concerts and sporting tournaments, reported Bangkok Post.

The target for total tourism revenue in 2024, combining both domestic and international markets, is set at 3.3 trillion baht. This is in comparison to the 3 trillion baht reported in 2019. Given the restricted fiscal budget for 2023, Sudawan indicated that the ministry may seek additional budget allocation, a decision to be made once all project plans are finalised.

Sudawan also stated that any potential budget would be based on research from other countries that have successfully transformed into regional entertainment hubs. The minister suggested that new infrastructure might be developed to enhance travel convenience for tourists.

Meanwhile, Thapanee Kiatphaibool, the governor of the Tourism Authority of Thailand (TAT), revealed plans to track the market sentiment in China and Kazakhstan starting this week. This move follows Thailand’s decision to exempt visas for visitors from these two countries from September 25 to February 29, 2024.

Thapanee explained that without these visa measures, the number of Chinese tourists might only reach 3.7 million this year. However, with the visa exemption, the figure is expected to rise to between 4.1 and 4.2 million.

Thapanee also highlighted the TAT’s ongoing efforts to encourage airlines to increase seat capacity. The aim is to support the government’s target of 2.38 trillion baht from 27-28 million tourists this year. Thailand currently has 2.51 million seats allocated for the high season from October to March, which is only 40% of the 2019 level. The TAT is working with airlines to introduce both chartered and regular flights to utilise available airport slots in the final quarter.

In related news, Chinese tourists are not expected to travel to Thailand in greater numbers thus Thailand shifted its focus to Kazakhstan. Read here to find out more!

Follow more of The Thaiger’s latest stories on our new Facebook page HERE.

Business NewsThailand NewsTourism News

Alex Morgan

Alex is a 42-year-old former corporate executive and business consultant with a degree in business administration. Boasting over 15 years of experience working in various industries, including technology, finance, and marketing, Alex has acquired in-depth knowledge about business strategies, management principles, and market trends. In recent years, Alex has transitioned into writing business articles and providing expert commentary on business-related issues. Fluent in English and proficient in data analysis, Alex strives to deliver well-researched and insightful content to readers, combining practical experience with a keen analytical eye to offer valuable perspectives on the ever-evolving business landscape.

Related Articles