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Saturday, April 13, 2024

BOI Reveals Plans to Bolster Japanese Internal Combustion Engine (ICE) Car Manufacturers in Thailand

In a bid to secure Thailand’s position as a global production hub for the next 15 years, the Board of Investment (BOI) has unveiled ongoing deliberations on policies aimed at supporting Japanese car manufacturers that continue to produce internal combustion engine (ICE) vehicles. These crucial discussions are currently engaging stakeholders from various automotive companies and affected parties across diverse interest groups. Decisions on the specific support measures will be determined after careful evaluation.

This week, a pivotal meeting of the investment promotion committee is set to convene, with Prime Minister and Finance Minister Srettha Thavisin presiding over the inaugural session. The primary focus of this gathering is to assess the investment promotion statistics for the first nine months of 2023, and the trajectory for growth in the coming years. The data from the initial half of 2023, spanning from January to June, paints a promising picture.

During this period, a notable 891 projects have sought investment promotion, marking an 18% increase compared to the previous year. These endeavors represent a collective investment worth 364.42 billion baht, signifying a significant 70% surge in comparison to the corresponding period in the preceding year.

Furthermore, the BOI is anticipated to delve into the broader investment landscape for the current year, with a keen eye on the burgeoning electric vehicle (EV) sector. The board is also poised to evaluate the progress made in discussions with traditional combustion car manufacturers in alignment with the Prime Minister’s directives. Additionally, trends for the remaining three months of the year and investment forecasts for 2024 will be scrutinized.

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