The Board of Investment (BoI) is preparing to organise a roadshow in South Korea to bolster foreign investment in Thailand, part of its five-year investment promotion strategy.
The roadshow is scheduled to take place during May 15-18, with the aim of introducing investment opportunities in Thailand to Korean executives.
The BoI plans to hold talks with executives from Korean auto and electronics companies regarding investment prospects in the electric vehicle (EV) and EV charging industries in Thailand, said Narit Therdsteerasukdi, secretary-general of the BoI.
The National EV Policy Committee announced in 2021 it wants EVs to constitute 50% of locally produced vehicles by 2030, part of an ambitious plan to make Thailand a regional EV hub.
Last year, the Korea Trade-Investment Promotion Agency led business people from South Korea to Thailand where the Thailand-Korea Economic Cooperation Forum was held, with 250 Korean and Thai investors taking part.
Thailand and South Korea have developed a diplomatic relationship over a period of more than 60 years.
Over the past 10 years, South Korean investors have applied for the BoI’s tax incentive packages for a total of 322 projects, representing 91 billion baht in investment value. The projects were related to auto parts, electronics, digital technology as well as steel and other metals.
The BoI is promoting more investments in EV, smart electronics, wafer fabrication and projects under the government’s bio-, circular and green (BCG) economic development, said Mr Narit.
The promotion falls in line with the BoI’s strategy to build the country’s new economy.
Under the strategy, to be implemented between 2023 and 2027, the BoI will support investments in high technology, green and smart industries as well as businesses driven by creativity and innovation, all of which are believed to lead to a new economy and increase competitiveness.
Last month, the BoI held roadshows in Guangzhou, Shanghai and Shenzhen. It invited Chinese businesspeople attending these events to invest in Thailand.
Chinese carmaker Changan Automobile announced it would invest 9.8 billion baht to set up its EV business in Thailand.
The firm plans to make EVs in three categories — battery EVs, plug-in hybrid EVs, and range extended EVs, also known as REEV — as well as batteries for domestic sale and export, Mr Narit said.
