Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, spoke in an interview regarding the success of Mr. Anutin Charnvirakul, Prime Minister and Minister of Interior, who led the Thai delegation on an investment roadshow in Chengdu, People’s Republic of China.
Mr. Ekniti highlighted that in-depth one-on-one negotiations were held with four leading Chinese corporations in the electric vehicle (EV) and advanced technology sectors, resulting in highly successful outcomes.
These efforts are anticipated to attract investment to Thailand amounting to as much as THB 70 billion. Of this, THB 50 billion represents expansions of existing investment bases, while over THB 20 billion will be new capital injections.
The finance minister pointed out that significant contributing factors include geopolitical tensions, which he described as providing a tailwind that is accelerating the migration of production bases from China to ASEAN, with Thailand emerging as a top destination. He characterized this as a “new wave of investment,” on par with the influx of Japanese investments in the 1980s that helped establish Thailand’s Eastern Seaboard as a major industrial base.
This wave, however, is driving Thailand into the industries of the future, including artificial intelligence, EVs, and intelligent robotics. This trend aligns with a report from the International Monetary Fund (IMF), which has identified Thailand as an emerging global technology star, according to Mr. Ekniti.
Regarding progress in negotiations with the four major Chinese firms, specific investment figures remain confidential, but the strategic outlook is clear. Leading the group is ChangAn Automobile, a top-tier Chinese EV manufacturer, which has confirmed the establishment of its first right-hand-drive vehicle production facility outside China, set to be located in Rayong province. This plant is intended to serve as an export hub to countries with which Thailand has free trade agreements. ChangAn also plans to double production capacity to 200,000 units per year and has already integrated 40 Thai SMEs into its supply chain.
In the field of AI-driven data processing, InnoLight Technology, the world’s number one provider of optical communication equipment, will expand its manufacturing base in Thailand, creating more than 20,000 jobs. The company will also collaborate with leading Thai universities and engage over 1,500 Thai engineers in research and development efforts.
Additionally, Eoptolink Technology, the world’s second-largest company in the same sector, has opened its first factory in Rayong province and is actively expanding with a second facility.
The government has also negotiated with Xiaomi Corporation, the third-largest smartphone brand in Thailand, to encourage the company to use Thailand as a production base for smart home appliances and Internet of Things devices, leveraging Thailand’s strengths in the smart electronics supply chain.
