Yesterday, Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Interior of Thailand, who currently served as acting Prime Minister, met with executives from 30 world leading companies at “Prime Minister Meets Investors: Confidence in Thailand’s Future – Prime Minister’s Dialogue with Global Investors” conference at Santimaitri Building, Government House.
These companies are the leading cooperation in four major industries, featuring (1) semiconductors and advanced electronics, (2) printed circuit boards (PCB), electric vehicles and batteries, (3) digital, and (4) the food and biotechnology industries.
Among the participating companies are Sony, Samsung, Unimicron, BYD, Hyundai, Google, TikTok, and Nestlé. They have been invested in Thailand for the past two years at a total of about THB 550 billion, leading to a job creation of about 53,000 positions.
Mr. Phumtham stated to the investor that this conference is a great opportunity to discuss with these executives from leading companies that have been invested in Thailand. He reaffirmed that the nation is prepared for the uncertainty caused by the U.S. 19% tariff meant for Thai products.
The minister also stated that the Thai government is ready to adjust its regulation to address investment, improve its labourers’ skills, and prepare its clean energy industry for further investment.
He added that Thailand has accelerated its trade negotiation with various countries around the globe. So far, the nation has made official trade agreements with 24 nations, and in the middle of discussion with several countries. This development is meant to increase its advance in the export sector.
The Thai government also values sustainable business operation guidelines according to ESG framework as it utilizes Utility Green Tariff (UGT1) service to promote the use of clean energy and renewable energy certificates. So far, 40 companies have applied to this service. The government is planning to open UGT2 that can locate exact energy sources.
In addition, the government also focuses on personal development in the target industries. The Ministry of Higher Education, Science, Research and Innovation and the Ministry of Education are cooperating with the private sector to open new learning courses for the semiconductors and electric vehicles industry. They aim to create 80,000 personnel within five years.
After the discussion, Mr. Phumtham witnessed the MOU signing between the Office of the Vocational Education Commission, The Board of Investment Office (BOI), and six PCB manufacturers, as they commit to invest at a total of about THB 51 billion. There is a speculation that this MOU will create 1,880 jobs in the first phase, and about 3,000 jobs within five years.
The acting Prime Minister also stated that the investment from world leading companies will help Thailand’s economy grow, generate domestic current revenue worth around hundreds of billions of baht annually, and support agriculture, education, and rural business industry in several areas.
