Thailand promotes new policies to lure foreign investment
The Thai government on September 10 endorsed a package of measures aimed at attracting more foreign investment, especially to expedite investments from companies seeking to relocate their production plants in the context of the escalating US-China trade tension.
A street in Bangkok capital city of Thailand (Photo: wordpress.com)
Bangkok (VNA) – The Thai government on September 10 endorsed a package ofmeasures aimed at attracting more foreign investment, especially to expediteinvestments from companies seeking to relocate their production plants in the contextof the escalating US-China trade tension.
The new package includes investment acceleration incentives, and policies to easeconstraints faced by foreign investors, especially in target industries.
According to Kobsak Pootrakool, Deputy Secretary-General incharge of political issues of Thai Prime Minister Prayut Chan-o-cha, thepackage will also include measures to support science, technology, engineeringand mathematics (STEM) manpower development.
Kobsak said the new stimulus package will help Thailand be able to compete withother countries in Asia in attracting foreign investment, especially fromhigh-tech enterprises.
Secretary General of the Thailand Board of Investment Duangjai Asawachintachit said the agency would promote foreigninvestment by coordinating with relevant agencies to deploy promotion campaignsin China, Japan, Taiwan (China), and the Republic of Korea.
The same day, the Thai cabinet has approved a 10 billion baht (330 million USD)disbursement from the country’s Competitiveness Fund to support theestablishment of a hi-tech academy in Thailand, which is expected to contributeto training hi-tech human resources for Thailand - one of the important factorsto attract investment from foreign technology businesses./.
Total registered investment in Thailand reached a total of 902 billion THB (28.2 billion USD) in 2018, 43 percent higher than the previous year and beating the set target of 720 billion THB, according to the Thai Board of Investment (BOI).
The Thai government has ordered the Board of Investment (BoI) to actively attract foreign investors who plan to move out of China, especially Japanese ones hit by the US – China trade war.
Promoted investment by the new government is hoped to speed up Thailand’s economy and help its GDP grow at a faster pace in the second half of 2019, said Deputy Prime Minister Somkid Jatusripitak.
The Thai cabinet on August 20 approved an economic stimulus package, worth 316 billion THB (over 10 billion USD), to boost the country’s sluggish economy.
The Thai Government has ordered the Board of Investment (BoI) to devise a relocation package for foreign investors wishing to shift from China to Thailand as a result of the US-China trade dispute.
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Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
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