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Welcome to the newest issue of Thai news, a resource that will keep you up to date on economic and business news in Thailand.
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BOI Applications On The Rise
The number of investment applications sent to the Thailand Board of Investment (BOI) reached a six-month high in June, a sign of growing confidence in Thailand's economy. One hundred and thirty two projects applied for investment privileges in June, up from 119 in May, a positive sign that investor confidence is on the rise.
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Industrial Sentiment Improves Again in Post-Coup Thailand
A recent Wall Street Journal article highlights industrial sentiment in Thailand rose for the third month in a row in July. The Federation of Thai Industries released its monthly Thai Industries Sentiment Index and announced sentiment rose to 89.7 in July, up from 88.4 in June, following a survey of 1,147 industrial operators across the country. The military government has moved to implement fiscal stimulus measures, improve political conditions and is encouraging public and private investments, which are all factors contributing to the increase in confidence and industrial sentiment in the country.
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BOI Targets Seven Sectors, Sustainable Development
The Thailand Board of Investment (BOI) has approved a new investment strategy for 2015-2021 that aims to promote Thailand as an attractive destination for investment with more sustainable long-term growth. The strategy will target seven sectors - agro-industry and agricultural products; minerals, ceramics and basic metals; light industry; metal products, machinery and transport equipment; electrical and electronics; chemicals, plastics, paper and services; and infrastructure. The program aims to promote technology, eco-friendly projects and research and development.
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Infrastructure Plans to Turn Thailand into AEC Logistics Hub
Thailand is developing a strategy to further improve the country's transportation infrastructure, positioning Thailand as a key strategic and logistics hub in the ASEAN Economic Community (AEC). This eight-year plan will develop the country's logistics system and integrate all transportation platforms (rail, air, road and water). The plan will initially focus on developing rail routes in Bangkok and its surrounding suburbs, followed by developing the country's wider transportation system and linking Thailand with neighboring countries.
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Thai Honda Hits 25m-Unit Production Milestone
Thai Honda Manufacturing Co, the manufacturer of Honda motorcycles, power products and components, announced it reached a 25-million-unit milestone in the production of its power products. Thai Honda produces a range of products available in more than 80 countries worldwide. The company recently premiered a new backpack sprayer in Thailand in May, the first power product fully researched and developed by Honda R&D Southeast Asia Co. Global sales will begin in October. This recent announcement is evidence that supports Thailand as a key manufacturing hub in the region.
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Thai Coup Leader Becomes Prime Minister
Thailand's military General Prayuth Chan-ocha was appointed the nation's 29th Prime Minister. The near unanimous vote by members of the legislature was followed by a royal endorsement from King Bhumibol Adulyadej. General Prayuth recently appointed members to his new cabinet and aims to focus on stimulating the country's economy and eradicating corruption. Although Thailand's economy shrank in the first half of the year, the country is experiencing growth in the second quarter which economists are attributing to strides in political and economic stability.
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U.S. Companies Optimistic About Doing Business in Thailand, Survey Shows
Foreign investors and businesses are optimistic about the state of the Thailand economy, as the political situation in the country stabilizes. This enthusiasm is further augmented with the establishment of the ASEAN Economic Community (AEC) in 2015. U.S. companies in ASEAN are optimistic about potential business prospects and the opportunities that will result from the regional economic integration with the AEC. A recent Business Outlook Survey shows that U.S. companies in ASEAN expect investment expansion, workforce growth and profit increases in 2015.
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DID YOU KNOW?
Thailand is the world's top producer of rubber and hard disks.
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"The population of Thailand really provides our business with very skilled people. Each time we have opened a new operation here, we have been very happy to see that the people are well trained and well-motivated in helping the group to progress."
- Mr. Jean-Dominique Senard, managing partner of the Michelin Group
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Thailand Board of Investment
The Thailand Board of Investment (BOI) is the inward investment promotion agency for Thailand that assists foreign investors in identifying business opportunities, providing tax incentives and privileges, and supporting foreign companies seeking to expand into the Asian market. Our services are free of charge and customized to help your clients succeed in Thailand.
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CONTACT US:
Korbsiri Iamsuri, Director
Thailand BOI
7 World Trade Center
34th Floor, Suite F
New York, NY 10007 USA
Tel: (212) 422-9009
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