The Thai government aims to attract more investments in five core “future industries” by vastly improving the ease of doing business through amended laws and regulations, according to Jirayu Houngsub, spokesman for the Prime Minister’s Office.
The investment promotion plan is expected to help Thailand achieve economic growth of more than 3%, he said, citing a summary provided by Prommin Lertsuridej, secretary-general to Prime Minister Paetongtarn Shinawatra.
The five industries are data centres, artificial intelligence (AI), electric vehicles, precision agriculture and food technology, said Mr Jirayu. The government estimates at least 800 billion baht from both local and international investors will be invested in the five industries this year alone.
Related promotion plans, such as one for attracting supply chain partners for the five targeted industries, are also expected to bring more investments to Thailand this year and in the years to come, said Mr Jirayu.
In the data centre industry, for instance, tech giants including Amazon Web Services, Google, Microsoft and Huawei have already begun investing in the country, he said.
In order to facilitate more investment from these companies and others, outdated laws and regulations that are seen as obstacled will soon be amended or even abolished, he said.
“The PM has treated as fairly important the need to vastly improve the ease of doing business in order to facilitate economic growth through investment promotion,” he said.
The ministrise of Transport, Interior and Agriculture have been assigned to lead the work of ensuring convenience of investors in the five industries.
The complicated and lengthy process in applying for operating licences and investment privileges from the Board of Investment (BoI), for instance, will be shortened and simplified, said Mr Jirayu.
The prime minister is also confident that Thailand’s geographical location, at the centre of Southeast Asia, makes it the country most suited to become a logistics, trade and barter hub, he added.
As well, the government will be working full steam on tourism promotion, with the ultimate goal for Thailand to be an ideal destination for international tourists all year round, according to the spokesman.
“There will no longer be a low tourism season in Thailand,” he said.