Thailand attracts investment in "industries of the future"
The Thai government plans to significantly improve the business environment and attract domestic and foreign investment in five "future industries" through amendments to laws and regulations, Prime Minister's Office spokesman Gillayuth Chan-ocha said on the 2nd.
Gillayuth said the five industries of the future are data centers, artificial intelligence, electric vehicles, high-value agriculture and food technology. The Thai government estimates that domestic and foreign investors will invest at least 800 billion baht (about 170 billion yuan) in these five sectors by 2025. He said the investment promotion plan is expected to help Thailand achieve economic growth of more than three percent.
Plans to attract supply chain partners from the five targeted industries are also expected to bring more investment to Thailand this year and in the coming years, Mr Gillayuth said.
In the data center industry, tech giants including Amazon Web Services, Google, Microsoft and Huawei have started investing in the country.
In order to attract these and other companies to invest more in the industries of the future, outdated laws and regulations that are seen as hindrances will soon be amended or even abolished, he said. The complex and lengthy process of applying for business licenses and investment concessions from the Board of Investment of Thailand will be shortened and simplified.
The Ministry of Transport, the Ministry of Home Affairs and the Ministry of Agriculture and Cooperatives have assigned officials to oversee the development of the five sectors and ensure the interests of investors, Mr Gillayuth said.