Within two years of its implementation, marriage equality is expected to inject approximately US$2 billion annually into Thailand’s tourism industry, Agoda said in its report released on Friday.

The breakdown includes $0.7 billion for accommodations, $0.4 billion each for food and retail spending, $0.2 billion for domestic transportation, and $0.2 billion for entertainment and medical services, it added.

Agoda’s report also revealed the new legislation could raise Thailand’s GDP by 0.3%, driven by increased tourism revenue and job creation in the tourism and broader economic sectors.

Thailand’s landmark marriage equality bill was officially written into law last September, allowing same-sex couples to legally wed, CNN reported.

The law was published in the Royal Gazette after endorsement by King Maha Vajiralongkorn, and will come into effect in 120 days, meaning the first weddings are expected to take place in January.

Thailand becomes only the third place in Asia where same-sex couples can tie the knot, after Taiwan and Nepal.

Thailand received 29.08 million foreign tourists by October, and they spent 1.358 trillion baht (US$40.14 billion) in the country. To hit its target of 36 million foreign arrivals for the year, Thailand needs another seven million visitors.

Renowned for its tolerance toward the LGBTQ community, Thailand’s move to legalize same-sex marriage aligns with public support, further solidifying its appeal as a top global travel destination, Reuters reported.