In a crucial meeting led by Deputy Prime Minister Parnpree Bahiddha-Nukara, Thailand’s BOI has realigned its investment promotion strategy for 2024-2027, experiencing a surge in investment applications and granting approvals to numerous important projects.
Newly Unveiled 5-Year Investment Promotion Strategy
The revised promotion strategy emphasizes five strategic industries such as BCG (Bio-Circular-Green), Automotive, Electronics, Digital and Creative, and Regional headquarters. Further, it also highlights five critical agendas: Green transformation, Technology Development, Talent Attraction, Cluster-Based Investment, and Ease of Investment.
Investment Applications Surge by 47% in 2023
The BOI has witnessed a significant rise in investment promotion applications, a 47% increase from the same timeframe last year. This increase is mainly due to international investors’ commitment to Thailand, stirred by its inviting investment ecosystem and the newly introduced investment promotion strategy.
Noteworthy Investment Projects Approved by BOI
Among the investment applications granted approval, some noteworthy projects include:
- Changan Automobile’s 8.86 billion baht investment for a factory that will initially annual produce approximately 58,000 battery electric vehicles (BEVs) and about 36,500 plug-in hybrid electric vehicles (PHEV).
- C&G Environmental Protection (Thailand) Co., Ltd. and New Sky Energy (Bangkok) Co., Ltd., both receiving approval for a 4.89 billion baht investment in power generation projects that produces electricity from waste.
- True Internet Data Center Co., Ltd.’s 3.59 billion baht investment in a data center business.
- Thai Airways International PCL’s 9.31 billion baht investment for acquiring five passenger aircraft.
- Songcheng Holding (Thailand) Co., Ltd.’s 9.54 billion baht investment in tourism infrastructure and attractions.
As Thailand continues to restructure its economy in response to the changing geopolitical environment, its investment promotion strategy successfully attracts international businesses and markets. This change indicates a promising future for Thailand’s economic growth, primarily attributed to its strategic and accommodating investment policies.
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