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Thailand’s new strategies to attract foreign investors unveiled

The Thai Board of Investment (BoI) on February 14 unveiled its strategies to attract foreign investors over the next three to five years.
Thailand’s new strategies to attract foreign investors unveiled ảnh 1A street in Bangkok, Thailand. (Photo: AFP/VNA)

Bangkok (VNA) – The Thai Board of Investment (BoI)on February 14 unveiled its strategies to attract foreign investors over thenext three to five years.

BoI Secretary-General Narit Therdsteerasukdi said theboard's strategies are in line with the country's long-term socio-economicdevelopment plans and they support manufacturing and industrial sectors so thatlocal and foreign companies can develop the foundation for their growth inThailand.

Under the new strategies, BoI plans to focus more on promotingthe bio-circular-green economic model, electric vehicles, and digital andcreative businesses.

Bangkok will play a key role in convincing foreign investmentand global companies to set up regional hubs thanks to its advantage ofelectric trains serving all areas of the city and its vicinity, includingairports and ports.

According to Narit, countries and businesses looking to drawinvestment are facing challenges, including carbon dioxide emissions, geopoliticalconflicts, shortages of raw materials, technological disruption, epidemics, andan ageing population.

However, Thailand has advantages as it is located in the centreof Southeast Asia, not largely affected by the US-China trade war.

The country has fewer conflicts with other nations, and possesses aflexible supply chain, said Narit.

He added that Thailand also proved its ability to handle criseslike the pandemic and supply renewable energy.

Businesses should follow new investment trends such asdiversification, green investments, and smart manufacturing, he said, addingthat foreign direct investors tend to consider factors such as availability ofinfrastructure and logistics, qualified personnel, regulations favourable tothe business sector, supporting industrial bases, reasonable costs andgovernment benefits.

He said the private sector and government agencies shouldintroduce measures such as reskilling and upskilling their workforces, raisingthe level of Thai industry to a smart and sustainable basis, and strengtheningand creating business opportunities for small and medium-sized enterprises(SMEs) and startups.

Meanwhile, large companies should be encouraged to play agreater role in three areas of human development, SME development, andcommunity development./.

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