BOI sets out to attract maximum investment over next 4 years
Encouraged by the sevenfold growth in the EV (Electric Vehicle) market in Thailand, the highest in the region, the Board of Investment (BOI) is now setting out to attract no fewer than 100 leading companies to invest in Thailand, creating over 10,000 job positions within the next four years.
Narit Therdsteerasukdi, the BOI’s secretary general, spoke about this goal during Prime Minister Srettha Thavisin’s visit to San Francisco to attend the APEC CEO Summit 2023.
The visit consists of two parts: a meeting between the Prime Minister and high-level executives of target companies in the electronics, digital, and EV industries, and the second involving around 20 Thai entrepreneurs travelling with the delegation.
There are activities planned for Thai entrepreneurs to meet leading US companies, fostering potential collaboration in the future. Business representatives from over 80 US companies are expected to participate in these activities.
Narit emphasised the rapid growth of the EV market in Thailand, with over 6,000 registered electric vehicles in the past nine months. Thailand has become an attractive market for EV manufacturers, he pointed out, as evidenced by several new companies investing in the country and establishing production bases for exports to various countries.
Narit noted that the high-tech and innovative approaches adopted by these companies make labour costs less of a concern. The focus on advanced technology and innovation mitigates the impact of labour costs on decision-making, he explained, hence the goal to attract over 100 leading companies to invest in Thailand within the next four years.
PM Srettha is expected to meet with various private companies, especially in the digital sector, including significant companies like AWS, Google, and Microsoft. Amazon has already announced plans to invest in Thailand in the coming year, with an initial investment of at least 5 billion US dollars, or nearly 200 billion baht. This investment will include the construction of three data centres, with the first phase costing around 20 billion baht.
The BOI chief also mentioned the importance of Thailand's infrastructure, emphasising the country’s readiness in terms of electricity, industrial estates, ports, and quality airports. He highlighted Thailand’s strong supply chain in the electronics industry, with more than 2,000 component manufacturers possessing high skills and years of experience working with global companies.
The BOI aims to establish Thailand as a hub for the production of electric vehicles and a global leader in digital innovation. The country’s strong infrastructure, skilled workforce, and commitment to clean energy are key factors in attracting major companies to invest and expand their production bases in Thailand.
