Welcome to the latest news from the Thailand Board of Investment, New York Office! We hope the first part of the new year has been successful for you. We also hope that you are as excited about 2023 as we are!

As a result of extraordinary circumstances, 2022 has been a year of transition. The relevance of foreign direct investment (FDI) as a source of economic activity dramatically increased in 2022. FDI projects skyrocketed by 36% from the previous year, with most of these investments coming from the electric vehicles sector, in which the Thai Government is offering generous tax incentives and support to companies operating in the electric vehicle and battery space. In addition to these incentives, the Thailand Board of Investment provides comprehensive workforce development support.

In particular, significant FDI comes from US companies. Amazon Web Services will open a cloud region in Thailand with a $5 billion investment. It also applied for a mega 12,822 Sq.m Data Center. Kyocera AVX, a leading global manufacturer of advanced electronic components, will invest $300 Million in a state-of-the-art electronic component facility in Thailand. In addition, EVLOMO and Siemens are collaborating to build one of Southeast Asia’s most extensive EV charging networks in Thailand. In addition, BYD is investing US$500 million in a New Thai plant to produce batteries for both pure electric vehicles and plug-in hybrid vehicles. 

This year already holds a lot of promises for the Thailand Board of Investment as many initiatives have transpired; some of the exciting things are:  

» SIA VISITED THAILAND:

We were honored to have received Mr. John Neuffer, President and CEO of the Semiconductor Industry Association (SIA), on January 13, 2023. Mr. Neuffer led a delegation to Thailand and met with the BOI to discuss the opportunities linked to the US CHIPS Act and the favourable implications this will bring to the Southeast Asia semiconductor ecosystem, policy incentives, and opportunities to strengthen and cooperate with the Thai semiconductor industry and government stakeholders.

Members of SIA (Semiconductor Industry Association) pictured during their recent visit to Thailand.

» ROADSHOWS IN THE US:

From January 31st to February 3rd, a delegation from Thailand's government and private sectors led roadshows in Seattle and San Francisco, aimed at promoting Thai products and services in the US. The delegation was headed by M.L. Chayotid Kridakorn, Thai Trade Representative, and Mr. Narit Therdsteerasukdi, Secretary General of the Board of Investment (BOI). They also held meetings with promising US companies, encouraging them to invest in Thailand. Additionally, they held discussions with established US companies like Western Digital and Analog Devices, which have been operating in Thailand for an extended period, to explore potential avenues for further investment.

Thai delegation pictured in Amazon's Spheres located in Seattle, Washington.

» BOI NEW STRATEGIES FOR NEW ECONOMY:

Thailand BOI has introduced a 5-year incentive promotion program to secure Thailand's position as a global hub for innovation and technology. It includes nine measures focusing on Hydrogen Vehicles, High Tech, and Sustainability Sectors.

Thailand’s favorable business climate was also revealed in Grant Thornton's International Business Report. It stated that Thai business health reached its highest level since 2017. This indicates that Thai companies have demonstrated remarkable resilience and are performing relatively well despite ongoing economic challenges.

Lastly, please join our upcoming webinar titled Thailand: The Gateway to the APAC: New Sustainable Opportunities taking place on March 16th, 2023. Speakers will discuss how your ventures can benefit from Thailand's unique business climate and how your company can grow sustainably alongside the country.

Enjoy the rest of the newsletter!

For more information, please visit: www.thinkasiainvestthailand.com

Best regards,

Ms. Janthapat Saichumin

Acting Director Thailand Board of Investment, New York Office

Thailand Emerges Strong: BOI Reports Impressive Growth in Foreign Direct Investments for 2022

The Thailand Board of Investment (BOI) is delighted to share the positive news of strong Foreign Direct Investments (FDI) results for the year 2022. With FDI coming in from a diverse range of sectors, including the highly sought-after electronics, electric vehicles (EV), and data centers industries, Thailand is positioning itself as a hotbed for investment for today and in the future.

Thailand Set to Take On the New Economy

We're thrilled to announce the launch of our upgraded incentive programs aimed at making Thailand a top destination for cutting-edge companies that are shaping the world of tomorrow. Today, Thailand offers its investors numerous advantages that have helped make it an important destination for companies around the world.

To further enhance its appeal as a top investment destination, the Thailand BOI has introduced a new incentive program aimed at securing Thailand's position as a global hub for innovation and technology.

It’s Easier Than Ever to Live and Work in Thailand with the New 10-Year LTR Visa

Our latest 10-Year Long Term Resident Visa (LTR) program makes living and working in Thailand more accessible than ever before. The four categories of individuals targeted by the LTR program are the “Wealthy Global Citizens”, targeting investors, “Wealthy Pensioners”, targeting retirees, “Work from Thailand Professionals”, targeting remote workers, and “Highly Skilled Professionals, targeting talent and experts in key industries.

Chula Global Innovation Club

Chulalongkorn University’s vision is to generate and support “Innovations for Society” through collaboration with multi-stakeholders in an open and integrated manner to serve society at large. Leading sustainable futures through innovation, research, and education, the CU Innovation Hub is the University’s innovation & entrepreneurship platform for students, faculties, and people with creative ideas to innovate and turn research into practice and scaleup.