Thailand targets Indian investment in key high-tech sectors

Thailand's Board of Investment (BOI) has concluded a successful mission to India, aimed at attracting significant investments in three key high-technology sectors, namely medical devices, electric vehicles (EVs) and semiconductors. This initiative underscore’s Thailand’s ambition to position itself as a leading hub for future industries in Southeast Asia.

BOI secretary-general Narit Therdsteerasukdi said that the delegation engaged in high-level discussions with 15 major Indian companies in Hyderabad and Mumbai from March 24 to 27. In the meetings, BOI highlighted Thailand’s strategic advantages as an investment destination, particularly in sectors where India excels globally. 

The pharmaceutical and medical device sector saw the greatest interest, with the BOI team highlighting Thailand’s investment incentives and medical hub initiatives in meetings with companies in the Medical Device Park. 

Sahajanand Medical Technologies (SMT), a leading Indian cardiovascular device manufacturer, expressed plans to establish a production and R&D facility in Thailand for artificial heart valves and stents. 

Global pharmaceutical giant MSN Laboratories also indicated intentions to invest in Thai research and expand its ASEAN market presence.
 

Narit Therdsteerasukdi

ACG Capsules, a major capsule and pharmaceutical machinery producer, which has already invested 2.1 billion baht in a Rayong factory, plans to establish a local R&D centre. 

Natural Remedies, a leading herbal livestock feed supplement producer, aims to collaborate with Thai universities and meat producers on R&D.

In the automotive sector, discussions with TATA Motors focused on their EV and commercial vehicle expansion plans, particularly in right-hand drive markets. 

The company recently recruited a senior executive from a major Thai automaker to drive its international passenger car business.

The focus was also on the semiconductor industry, with the BOI engaging with the India Electronics and Semiconductor Association (IESA), representing over 400 companies. 
 

Thailand presented its government policies, semiconductor board initiatives, and workforce development plans. The BOI and IESA will co-host investment promotion activities in Bangalore, a global semiconductor hub, in October. 

Tessolve Semiconductor, a chip design and testing firm, plans to establish a testing and engineering services centre in Thailand this year.

India, a rapidly growing economic powerhouse and technological leader, is actively pursuing overseas investment under its “Act East Policy”.

“This mission aimed to demonstrate Thailand's potential in high-tech industries, encouraging Indian investors to use Thailand as their ASEAN base for manufacturing, R&D, and logistics, while fostering collaboration in science and technology workforce development,” Narit said.

The BOI's investment drive coincides with Indian Prime Minister Narendra Modi's visit to Thailand on April 4-5, highlighting the strengthening bilateral relationship and shared commitment to economic cooperation.

Over the past decade, the BOI has approved 161 investment projects from Indian firms, totalling over 13 billion baht, primarily in pharmaceuticals, medical devices, chemicals, and jewellery.