Finance Minister Pichai Chunhavajira says he has convinced investors Thailand is ready to address obstacles to domestic investment.
Speaking at the Thailand Investment Opportunity seminar on Thursday, Mr Pichai said investors interested in Thailand expect the government to focus on five areas: simplifying business procedures; facilitating visa application processes; property ownership rights, especially for those who have resided in Thailand for more than 10 years; the shortage of engineers in electronics; and green energy supported by state investment in infrastructure.
He said the prime minister's overseas trips aimed at attracting foreign investment are yielding results, with large-scale investments gradually entering Thailand.
Chinese electric vehicle (EV) manufacturers plan to invest in constructing EV and battery factories in Thailand.
In the initial phase, battery components will be imported and the batteries assembled in Thailand, but subsequent phases may involve local production of battery cells.
Semiconductor technology, a critical factor for the industrial sector, may begin with integrated circuit design factories in the initial phase, said Mr Pichai.
Regarding investment in data centres, Google intends to invest in Thailand, contingent on government commitments to secure sufficient green energy and direct access to facilities.
The country also wants to attract multinational enterprises to establish regional and financial hubs in Thailand, beginning with wealth investment services for foreign clients, he said.
Mr Pichai emphasised the need for Thailand to expedite its economic restructuring to foster economic growth.
Thailand experienced high growth rates of 7-9% from the 1980s to the 2000s, with double-digit growth achieved in certain years.
However, growth has slowed considerably over the past two decades. From the start of the pandemic around 2020 to the present, economic growth averaged only 0.4% a year.
Last year, the Thai economy grew by 1.9% from 2022.
Considering Thailand's potential, without any additional support in the form of stimulus measures, the economy should be capable of expanding at around 3.5%, he said.
While the National Economic and Social Development Council forecasts economic growth of 2.4% to 2.5% this year, Mr Pichai said the government will try its best to implement measures to push GDP growth closer to 3%, with the figure expected to exceed 3% next year.
