BANGKOK, 23 August 2019 – A Deputy Prime Minister has assigned the Board of Investment of Thailand (BOI) to offer packages suggesting foreign investors affected by the trade war, consider relocating their manufacturing base to Thailand.
Deputy Prime Minister Somkid Jatusripitak has delivered economic policies to heads of 16 economic and investment offices in foreign countries, in meetings attended by the BOI Secretary General Duangjai Asawachintachit, and the secretary of the economic ministers committee, Kobsak Pootrakool.
The DPM says the BOI needs to proactively attract investors seeking to relocate their manufacturing base to Thailand, as global investors are now particularly interested in the CLMV countries, namely Cambodia, Laos, Myanmar, and Vietnam, to which Thailand serves as a gateway.
He has assigned the BOI to survey the needs of investors in each country, in order to design investment packages to attract suitable investors.
This November, investors from China’s mobile devices giant Huawei will be traveling to Thailand to discuss 5G mobile network infrastructure investment in Thailand’s Eastern Economic Corridor (EEC) area, which would help create jobs for more IT workers and directly benefit Thailand.
Mr Kobsak said Thailand is one of the key investment destinations for international investors, especially for South Korean firms such as Samsung and LG, as well as startup businesses, which will be sending representatives to Thailand to discuss manufacturing base relocation, at meetings on 2nd September.
He said the Industrial Estate Authority of Thailand has been directed to find suitable areas to house new manufacturing bases, as international investors wish to operate in the same area.
The BOI secretary general said the investment packages will offer investors privileges beyond tax benefits, and will not be limited to investments in the ECC. A specialized team has been set up to handle these offers, which will include marketing campaigns. The details of the offers will be discussed within the BOI, before being submitted to the Cabinet for consideration, expected to take place on 30th August.