Thailand
Thailand: BoI targets Chinese investors
The Board of Investment (BoI) is pushing ahead with a plan to lure foreign funds, with its recent roadshow in China targeting those in the electric vehicle (EV) and electronic businesses.
“It was the first time the BoI organised a roadshow in China since the Covid-19 pandemic,” said Narit Therdsteerasukdi, secretary-general of the BoI.
“China is our important strategic partner in various business sectors, including tourism.”
The roadshow took place in Guangzhou, Shanghai, Hangzhou and Shenzhen between April 3-7.
Mr Narit said he believed the roadshow would help promote Thailand and encourage Chinese businesspeople to invest in EVs, electronics and digital technology.
“We will keep inviting Chinese investors to invest here amid rapid changes in global businesses, with companies likely to relocate or expand their production facilities from China to other countries in the next 1-2 years,” he said.
During the roadshow, BoI officials met five Chinese automakers: Changan Automobile, Geely Global, BYD, JAC Motors and Jiangling Motors.
BYD has already invested in Thailand. Last year, the Shenzhen-based automaker signed a deal with WHA Industrial Development Plc to buy 600 rai of land at WHA Rayong 36 Industrial Estate in Rayong.
Under a 17.8-billion-baht investment, BYD plans to build an EV manufacturing facility with annual production capacity of 150,000 units.
According to Mr Narit, another four companies are also interested in investing in Thailand, thanks to the Thai government’s policy on EV and battery incentive packages.
The National EV Policy Committee announced in 2021 that it wanted EVs to constitute 50% of locally made vehicles by 2030, part of an ambitious plan to make Thailand a regional EV production centre.
During the roadshow, the BoI also met printed circuit board makers, including WUS Printed Circuit (Kunshan) Co and ASKPCB.
Both companies plan to invest in Thailand, with an investment value of 12 billion baht in total, said Mr Narit. The two companies also plan to invite more than 200 suppliers in the electronics sector to invest here.
“Chinese electronics makers tend to expand their investments into Thailand as the business supports EV and IT sectors,” he said.
Source: https://www.bangkokpost.com/business/2547209/boi-targets-chinese-investors