UOB joins hands with BOI to facilitate investment opportunities

“The BOI has realised opportunities across emerging countries as the immense market and inclusive supply chain. We have currently set up 16 BOI overseas offices, including in China, India, Vietnam and Indonesia. We still see Singapore as a promising prospect, which is currently ranked the second biggest FDI contributor in Thailand. So we have targeted Singapore for the new overseas office in the near future. In addition, we will set up an office in Riyadh, Saudi Arabia, along with Chongqing, China, to also tap into the two most active investment communities to increase our outreach capability this year,” Narit added.

According to the BOI, Thailand, as ASEAN’s second-largest economy, remains one of the most successful countries in attracting FDI, with Greater China and Singapore being the top sources of investment.

Nonetheless, rising global uncertainty and disruptive developments on multilateral trade fronts require businesses in the region, including Thailand, to look inward for new growth opportunities within ASEAN.

During the first nine months of last year, 910 projects with a total investment value of over 398 billion baht requested investment promotion support from the BOI.

The UOB Business Outlook Study 2023 found that 83% of businesses in this region want to expand overseas, with Indonesian, Chinese, Thai, and Vietnamese companies leading the way. Thai businesses, in particular, are looking to expand their investments in Singapore, Vietnam, Malaysia, and mainland China.

Tan Choon Hin, president and CEO of UOB Thailand, assured that the bank looks forward to working closely and collaboratively with the BOI to accelerate the country’s transition to the “New Economy” and facilitate the rapid growth of FDIs across this region.

Since its inception in 2011, UOB’s Foreign Investment Advisory unit has assisted over 4,200 foreign companies with cross-border expansion, and more than 370 companies to expand into Thailand, the bank said.

It has also allowed more than US$1.6 billion in projected FDI and over 18,000 job opportunities in Thailand since 2019. For outbound FDI, the bank has helped over 210 Thai companies expand across ASEAN, with Singapore, Malaysia, and Vietnam being the most popular investment destinations, the bank said.