For many, Thailand’s lively capital makes the ultimate business destination. Once known for its street food and tuk tuks, Bangkok transformed into a modern, burgeoning metropolis — a veritable feast for the senses that’s foreigner-friendly and welcoming. No wonder it bears the moniker “City of Smiles.”

Though 90 percent of its residents are Buddhist, all religions are accepted. Few places can claim to be exotic and steeped in tradition while also offering the best of the modern world. Glistening skyscrapers stand alongside old wooden houses, quaint shops and pungent noodle stands. This city filled with gilded temples boasts top restaurants, amazing shopping, buzzing nightlife and a wide range of luxury hotels — not to mention superb Thai massages for relaxing and de-stressing.

Ever since the late 18th century, the history of Thailand has been written in Bangkok, location of the country’s defining events. In 1782, King Rama I decided to make this little-known trading port the new capital and built some of the world’s most dazzling monuments. These spectacular palaces and Buddha-filled wats continue to attract visitors from around the globe. The historic part of the city, surrounded by the Chao Phraya River on three sides, has always served as Bangkok’s cultural core.

One cannot think of this enchanting locale without its connection to the waterways. Canals crisscross the city, taking you back to the time when it was known as the “Venice of the East.” In the 19th century, Bangkok evolved into a regional center for commerce when it upgraded its port for international sea trade. During the last decade, this city, barely 250 years old, emerged as a major Asian commercial hub with a population of more than 10 million and an increasing flow of international visitors.

The futuristic Suvarnabhumi International Airport © Tomgigabite | Dreamstime.com

The opening of world-class Suvarnabhumi International Airport in 2006, about 16 miles outside town, marked Bangkok’s entry into the modern-day big leagues. With about 50 million travelers annually, arguably the coolest transport hub on the planet serves as a key engine of growth. Evoking a sci-fi movie with its long, tubular corridors constructed from glass and steel, Bangkok’s unique airport became the most photographed place in the world on Instagram in 2012. It’s easy to get around the city thanks to elevated sky trains and a recently modernized underground subway. In an attempt to go green, Bangkok Smile Bikes are available for free from five locations on both sides of the river. Cyclists receive maps pointing out places of interest along a route marked with bike lanes.

Bangkok, the country’s commercial center, is the gateway to Thailand’s domestic consumer market of 67 million people and into the heart of Asia, today’s fastest-growing financial market. Planes, boats or trains provide excellent accessibility for trade. As a financial mainstay of the nation, the city houses the headquarters of many international companies, commercial banks and financial institutions, including the stock exchange. Strong exports and vibrant domestic consumerism boost the city’s steady economic success.

The United States is Thailand’s third-largest bilateral trading partner, after Japan and China, with total bilateral trade valued at more than $41 billion since 2012. As one of the largest investors in Thailand, the United States provides nearly $17 billion in foreign direct investment. Leading U.S. imports include machinery, aircraft, gold, optic and medical goods and agricultural products. Thai exports include rubber, fishery products, rice, electronics, computers, jewelry, textiles, automobiles and auto parts. Not surprisingly, with more visitors entering Bangkok, tourism is a main source of revenue in this captivating locale where most Thais speak English.

Telecommunication services offer 3G/WiFi, broadband access and international teleconferencing. With world-class facilities such as Queen Sirikit National Convention Centre, Bangkok International Trade and Exhibition Centre and Impact Arena, Bangkok evolved into a leading destination choice for conferences, conventions and all types of corporate events. Bangkok welcomed 77 trade fairs with international participants in 2013, generating an estimated revenue of $174 million. According to Patrapee Chinachoti, president, the Thai Exhibition Association, this represents an annual increase of more than 10 percent; he remains optimistic the numbers will continue to rise. On Jan. 26, Bangkok hosted the country’s biggest annual hospitality event, organized by AMCHAM Thailand and leading hospitality consultancy C9 Hotelworks. Notable experts in their fields spoke about new trends and ways to promote growth in an industry still recovering from last year’s political turmoil.

MBK Center © Xin Hua | Dreamstime.com

Bangkok entered 2014 on shaky ground when antigovernment protests and political unrest took a toll on the economy. The situation stabilized in May with a military coup that paved the way for economic recovery. The Thai people appeared to take it in stride. Change seems to be the order of the day in a country that experienced a dozen coups since 1932.

Some report that while consumer spending recovered to a certain extent since the coup, industrial output, exports, tourism and investment are down, with continued uncertainty expected until the 2016 elections. However, according to the Wall Street Journal, “Thailand’s exports in October showed the strongest growth in almost two years, giving much-needed support to the ruling military in its year-end push to boost the economy. Exports rose 3.97 percent year-over-year to $20.16 billion, beating market expectation, as overseas shipment of industrial items, including cars and computer parts, reversed to growth. Shipments to the U.S. were at a record high, growing 6.4 percent.”

Meanwhile, travelers still flock to Bangkok, and investors remain cautiously confident that the Thai economy will retain its well-known resiliency and resume growth.

What’s special for the business traveler is the locale itself. With an influx of creative chefs, voguish boutiques and a hot contemporary art scene, cosmopolitan Bangkok has evolved into one of Asia’s most exciting spots. Stroll the bustling streets peopled with aristocrats, fashionable creative types, saffron-robed monks and the working class. Explore Bangkok’s picturesque waterways by water taxis, river cruises or long-tail boats offering scenic stops at old temples scattered along the canals. From a sidewalk stand to a 4-star restaurant, this paradise of culinary delights serves up some of the best food on the planet. The legendary nightlife continues into the wee hours at all-night markets, bars and clubs. It’s hard to resist the city’s charms.

Things to Do in Bangkok

Bangkok’s storied riverfront is now the hot “in” spot. Jason Friedman, general manager, Siam Hotel, located riverside, is glad this vibrant area is finally getting the attention it deserves. “As the Palace restores its beautiful historic buildings to their former elegance,” he says, “private developers are building restaurants, bars, galleries, shopping centers and condominiums.”

Details from Wat Phra Kaew, the Temple of the Emerald Buddha © Serban Enache | Dreamstime.com

Here you’ll find all of Bangkok’s must-see cultural sites, including the Grand Palace and Wat Phra Kaew, which enshrines the exquisite Emerald Buddha. Wat Pho houses the country’s longest reclining Buddha in addition to its renowned massage pavilions. Also noteworthy, the golden teak Vimanmek Palace contains a huge collection of royal artifacts, and the impressive National Museum features elaborate art displays documenting the history of Thailand.

Elsewhere in town, don’t miss the house of the man who made Thai silk famous. The Jim Thompson House, a splendid example of Thai architecture, contains his remarkable Asian art collection. Enjoy a leisurely ride on the Chao Phraya River and its canals in a long-tail boat. Glimpse traditional klong life as you pass beguiling temples, wooden houses and locals at work. Stop off at Wat Arun, the Temple of Dawn, with its strikingly ornamented towers.

Bangkok comes alive at night. Stroll the charming Old Town on your way to the famed Night Flower Market (Pak Klong Talad). Take in the bright lights and action at Bangkok’s China Town after sundown, when food lovers delight in the street-side cuisine.

You can’t leave this megacity without stopping at colorful Damnoen Saduak Floating Market, where vendors in sampans sell their goods. Shoppers will love Chatuchak Weekend Market, a vast extravaganza with more than 15,000 stalls selling everything imaginable and drawing well-heeled locals, musicians, performance artists and families from around the country. And for a drink with a view, nothing surpasses the Sky Bar at the Lebua Hotel after sunset. Named “the most stunning rooftop bar you’ll ever see” by The New York Times, it’s pure magic.

CHECKING IN WITH SRIMALA WARAPHASKUL

Director, Tourism Authority of Thailand

WHAT’S NEW IN INDUSTRY AND BUSINESS OPPORTUNITIES, INCLUDING FOREIGN INVESTMENT?
The Royal Thai Government is investing around $73 billion dollars in infrastructure projects to benefit trade, tourism and investment. This will include expansion of Suvarnabhumi Airport to accommodate 65 million people a year. We are also building mass transit lines in the Bangkok Metropolitan Area. Apart from benefiting trade and investment, these projects will not only allow us to welcome even more international tourists but also ensure their visits to Thailand are as enjoyable as possible. Travel and tourism is a major growth sector. The Board of Investment provides investment promotion services and investment incentives for those looking to set up a business in Bangkok.

WHAT ARE THE FASTEST-GROWING INDUSTRIES?
In addition to the industry economy, tourism is one of Bangkok’s biggest success stories. Our fastest-growing investment sectors have been boutique hotels and ecotourism resorts. According to the World Travel and Tourism Council Thailand Report for 2014, travel and tourism generated a direct contribution of 9 percent of Thailand’s gross domestic product in 2013. It employed more than 6 million people in direct and indirect jobs that same year. It is now estimated to generate more than 6 percent of the GDP annually. The Tourism Investment Department, Tourism Authority of Thailand, established a comprehensive tourism industry investment database of such features as hotels, spas and golf courses in major and minor tourism provinces; the potential area for tourist destinations; border provinces; small and medium accommodation including related businesses in the supply chain for the high-end market; long-stay accommodation business; and so on.

WHAT’S ON THE HORIZON FOR BANGKOK’S ECONOMIC GROWTH?
An important development for Bangkok will be the advent of the ASEAN Economic Community that will lead to the freer flow of goods, services, investment capital and skilled labor in the region. Tariffs and non-tariff barriers will be reduced which will stimulate intra-regional trade and investment. New opportunities for growth and prosperity are likely to emerge. Bangkok played an important role as the transport and tourism hub of ASEAN.

Damnoen Saduak Floating Market © Mooindy | Dreamstime.com

Bangkok Info to Go

Suvarnabhumi International Airport is located 16 miles from the city center. An elevated rail link, which opened in 2010, connects the airport to the city in 30 minutes, so visitors can bypass Bangkok’s famous traffic jams. A modern public transportation system of fast elevated sky trains (BTS) and the MRT underground subway, together with the development of expressways, make traveling around Bangkok easy and convenient. Metered taxis from the airport to downtown Bangkok cost about $12, depending on the traffic.

Bangkok: Just the Facts

Time Zone: GMT + 7
Phone Code: Country code: 66 City code: 2
Currency: Thai baht
Entry/Exit Requirements: U.S. citizens carrying a tourist passport with at least six months’ validity and possessing an onward or return airline ticket do not require a visa to enter Thailand. Upon arrival, a passport stamp is issued permitting a 30-day stay for those arriving by air.
Official Language: Thai
Key Industries: Tourism, rubber, fishery products, rice, electronics, computers, jewelry, textiles, automobiles and auto parts

Where to Stay in Bangkok

Mandarin Oriental, Bangkok Attracting luminaries since 1876, this elegant grande dame on the Chao Phraya River offers glorious views, gourmet restaurants, the acclaimed Oriental Spa and even a cooking school. 48 Oriental Ave., Bang Rak District $$$$$

The Siam A riverside gem, this 39-villa stunner in the Royal Quarter provides a luxurious oasis spread across three acres. Glamorous guestrooms feature bespoke antiques, art and private plunge pools. 3/2 Thanon Khao, Vachirapayabal, Royal Dusit District $$$$$

The Sukhothai Bangkok Set in lush gardens with lily ponds, statues and pagodas, this lovely sanctuary evokes a serene temple, offering the perfect synthesis of Thai architecture and modern design for those seeking privacy. 13/3 S. Sathorn Road $$$$$

Restaurants in Bangkok

Chon Thai Restaurant Savor authentic Thai cuisine in a teakwood house replete with antiques, Buddha statues and a splendid river view. Everyone raves about kurobuta pork ribs with longan honey and lime. The Siam, 3/2 Thanon Khao, Vachirapayabal, Royal Dusit District $$

The Jam Factory This new, hip riverside locale created by star architect Duangrit Bunnag houses a restaurant, bar, bookstore and art gallery. Many of the Thai dishes are the chefs’ favorite family recipes. 41/5 Charoen Nakorn Road, Khlong San District $$

Nahm Michelin-starred chef David Thompson adds creative flair to traditional Thai dishes at this fine-dining restaurant, considered among the best in the world. Metropolitan by COMO Hotel, 27 S. Sathorn Road, Central Business District $$$