"Commerce" finds many service businesses have a bright future after Thailand prepares to have a law for equal marriage.

The Office of Trade Policy and Strategy (OTPS) surveyed the economic benefits after Thailand's marriage equality law was enacted. It found that the hotel, wedding, tourism, restaurant, insurance, finance, family planning and counseling, entertainment and recreation businesses have growth opportunities. It is recommended to seize the opportunity to push Thailand to become a center for weddings of all genders in Asia. However, the government must support facilities to attract LGBTQIA+ groups.

Mr. Poonpong Naiyanapakorn, Director of the Office of Trade Policy and Strategy (OTPS), Ministry of Commerce, revealed that the OTPS conducted a survey on the economic benefits of Thailand's marriage equality law, in accordance with the policies of Mr. Phumtham Vejjayachai, Deputy Prime Minister and Minister of Commerce, and Mr. Napintorn Srisanpang, Deputy Minister of Commerce. It was found that in addition to helping to raise the level of gender equality in Thailand, it also created economic benefits, especially in various service businesses, such as the hotel business, businesses related to wedding organization, tourism and restaurant businesses, insurance and financial businesses, consulting and family planning for gay couples, and businesses related to entertainment and recreation, especially the Y series.

In addition, a study by The William Institute, a research institute in the United States, found that after the United States The nationwide implementation of marriage equality laws between 2015 and 2019 has helped boost the economy by 3.8 billion USD (calculated from the estimated 3.2 billion USD spent on weddings by same-sex couples, 543.8 million USD spent on travel by wedding attendees, and 244.1 million USD in wedding tax revenue) and has also created 45,000 jobs in related businesses.

For service businesses with growth opportunities, the hotel business has the opportunity to grow from organizing LGBTQIA+ weddings. Businesses related to organizing weddings, such as photo studios and wedding dress rentals, will expand accordingly. Tourism and restaurant businesses will attract this group of tourists to Thailand. With supporting laws and a friendly society, this group of tourists will feel safe and more interested in traveling to Thailand. Insurance and financial businesses will grow along with LGBTQ couples who will purchase life insurance, take out home loans, and jointly own property. Consulting and family planning businesses for LGBTQ couples. Businesses related to entertainment and recreation, especially the Y-series, and the opportunity to host the world-class World Pride festival will create a good image for Thailand internationally and generate income in the tourism and related services businesses of Thailand.

Mr. Poonpong said that Thailand should take this opportunity to promote itself as a center for weddings of all genders in Asia. Due to Thailand's legal readiness, excellence in organizing events and related service businesses, and its diverse tourist attractions, both natural, cultural, and historical, it is very suitable for wedding and honeymoon venues, which will generate significant income for Thailand.

However, if Thailand's marriage equality law includes allowing foreigners to register their marriages, the government must take into account facilitating marriage registration, especially in terms of documents, visas, and processing times, and support service businesses related to organizing weddings to have standards and quality, in order to create a good impression and experience for foreign couples, in order to help promote Thailand as a popular destination for LGBTQIA+ couples worldwide to get married.

Previously, on March 27, 2024, the Thai House of Representatives voted to approve the draft marriage equality law, and on April 2, 2024, the Senate voted to accept the first reading of the draft marriage equality law in principle and resolved to establish a special committee to study the draft law. If Thailand has a marriage equality law, it will help expand marriage rights to cover people of all genders so that they can legally marry, and support LGBTQ people to receive equal benefits and welfare as heterosexual couples. And Thailand will become the 37th country in the world and the first country in ASEAN to have equal marriage laws.

Cr.mgronline