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Tuesday, July 23, 2024

Foreign Investors Flock to Thailand

In a strategic move to open its doors to foreign investments, Thailand has witnessed a remarkable surge in the establishment of businesses by foreign investors since September 2023. Under the direction of Prime Minister Srettha Thavisin, the Thai government’s commitment to fostering an investor-friendly environment has yielded significant results.

Deputy Government Spokesperson, Karom Phonphonklang, has been a key figure in unveiling this development. He disclosed that the government’s proactive approach to inviting foreign investors has played a pivotal role in boosting confidence among potential stakeholders. This newfound trust has translated into a substantial influx of foreign capital into the Thai economy, resulting in the creation of jobs and a notable upswing in the nation’s revenue.

The statistics speak for themselves – in the month of September 2023 alone, an impressive 59 foreign investors embarked on business ventures in Thailand. Among them, 22 sought business licenses specifically designed for foreigners, while 37 requested business certifications tailored to accommodate foreign investors. In total, these investments amounted to a staggering 18.23 billion Thai Baht.

The driving force behind this wave of foreign investment predominantly comes from three Asian economic powerhouses: Japan, China, and Hong Kong. Their collective efforts have not only fueled economic growth but have also benefited the local workforce. As a result of these investments, 1,219 Thai nationals have been employed, providing a boost to the domestic job market.

Beyond capital injection, these foreign investors have contributed specialized technological knowledge to Thailand. This expertise encompasses a wide spectrum, including industrial gas safety, electric vehicle infrastructure design concepts, agricultural machinery, agricultural equipment, and advanced machining techniques for joint operations. The transfer of this know-how not only elevates the local industry but also positions Thailand as a hub for innovation and technology exchange.

Expanding the timeframe of this remarkable development, Deputy Spokesperson Karom Phonphonklang referred to a comprehensive report that evaluated foreign business operations in Thailand under the Foreign Business Act of 1999. Over the first nine months of 2023, an impressive 493 foreign investors embarked on business ventures in Thailand. Out of these, 166 obtained business licenses designed for foreigners, while 327 acquired business certifications for foreigners. In total, these investments amounted to an impressive 84 billion Thai Baht, further underlining Thailand’s appeal to foreign investors. Additionally, these investments contributed to the employment of over 5,700 Thai nationals, solidifying their role in the nation’s economic progress.

This surge of foreign investments underscores Thailand’s proactive approach to welcoming international business ventures, resulting in significant economic growth and technological exchange. As the nation continues on this trajectory, it remains a prime destination for foreign investors looking to contribute to its dynamic economy.

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