Thai government unveils new strategy to attract foreign investors

Thailand's Board of Investment (BoI) on Tuesday revealed Thailand's new strategy to attract businesses in the next 3-5 years. Bangkok will play a key role in convincing foreign investment and global companies to set up regional hubs, the agency said. This year, the BoI plans to focus more on promoting biological, circular and green economic models, electric vehicles, and digital innovation industries. BOI Secretary-General said BOI's strategy of supporting the manufacturing and industrial sectors is in line with the country's long-term economic policy. He sees Thailand's location at the center of Southeast Asia as a geopolitical advantage. Thailand also has an advantage when it comes to attracting foreign investment, as it is largely immune to the U.S.-China trade dispute, has fewer conflicts with countries and has a flexible supply chain. Additionally, Thailand has demonstrated its ability to handle crises such as the COVID-19 pandemic and its ability to secure sustainable energy supplies. It is suggested that enterprises and investors should pay attention to new investment trends, such as diversification, green investment and smart manufacturing. The private sector and government agencies should introduce measures, such as retraining and upskilling of their workforce, that will benefit Thailand's industrial level to a smart and sustainable basis, thereby providing a better environment for small and medium enterprises (SMEs) and start-ups. Create business opportunities.