The Board of Investment (BoI) has set an ambitious goal to attract investment from more than 100 leading companies creating more than 10,000 job opportunities over four years.
Regarding the prime minister’s itinerary for his trip to the US from Nov 12-19, Narit Therdsteerasukdi, secretary-general of the BoI, said the electric vehicle (EV) market in Thailand has experienced rapid growth, with more than 6,000 registered EVs in the past nine months, a sevenfold increase from the previous year.
This makes Thailand an attractive market for global EV manufacturers, he said.
The National EV Policy Committee chaired by Prime Minister Srettha Thavisin in early November approved support measures for the second phase of EV promotion (EV 3.5) for a four-year period (2024-27) to promote the EV industry’s continuous growth and to facilitate investment opportunities in EV manufacturing in Thailand for new players.
The new measure demonstrates the government’s commitment to making Thailand a leader in EV production and a global top 10 player. He said Thailand aims to instil confidence in investors to increase their investment in the country.
“The BoI aims to attract at least 100 leading companies to establish their operations in Thailand over the next four years, creating more than 10,000 high-value job positions,” said Mr Narit.
“Numerous leading companies have chosen Thailand as their base, such as Agoda, which employs 3,000 staff in Thailand, including 2,000 foreigners and 1,000 Thais. These companies not only utilise Thailand as a base but also engage in development activities within the country. Additionally, companies like Hitachi also have their production bases in Thailand.”
Regarding the meeting with US companies, Mr Narit said the prime minister is scheduled to meet with several digital firms, including major players such as AWS, Google and Microsoft.
Amazon announced a joint investment in Thailand for early next year, with an investment of no less than US$5 billion, or nearly 200 billion baht. In the initial phase, Amazon’s investment will focus on establishing three data centres, with the first phase costing around 20 billion.
The premier is also scheduled to meet Google and Microsoft’s executives, with the goal of encouraging these companies to establish data centres and cloud service bases in Thailand, contributing to the enhancement of digital infrastructure and the development of digital skills among the workforce.
On the electronics front, Mr Narit said Mr Srettha will meet with representatives from companies such as ADI and HP, which have expressed interest in Thailand now that electronics are considered strategic products that countries worldwide aim to manufacture domestically, especially smart electronics.
Thailand’s current focus is mainly on midstream electronic products, he said.
The government has a clear goal of elevating the electronics industry and promoting factory production, and electronic design. Mr Srettha will engage in discussions, inviting and encouraging these companies to expand their manufacturing bases in Thailand, said Mr Narit.