PM Srettha Thavisin is confident Thailand has potential to become the supply chain hub of Asean.
Prime Minister Settha Thavisin chaired the opening ceremony of the SUBCON Thailand 2024 which will be organized between May 15-18, 2024 at Bangkok International Trade & Exhibition Centre (BITEC).
The Board of Investment (BoI) expected the event to attract 9,000 business matchings among Thai entrepreneurs
and global supply chain and purchasing value more than 20 billion baht.
He said the government has paid attention to supporting Thai parts manufacturers or Thai supply chains in the global supply chains.
“Thailand is outstanding in the automobile and electronics industry. The Thai government is currently to develop electrical vehicles ( EVs) which are developed based on the current automobile production base.”
Japanese investors, previously were significant manufacturers while they have already invested trillions baht in Thailand.
The Thai government designed promotional privileges that will assist current automotive manufacturers
and parts to transform from combustion vehicles to EV. The government also introduced a policy EV 3.5 that will support continued investment in both EVs and its supply chain.
He said Thailand is in a good position to drive foreign investment
while there are many supporting factors for the investment. They are as follows
1) Geopolitics problems, currently many areas in the world are facing the problem of war and drastic conflicts. Thailand is a country that has a neutral stance without any conflict to other countries therefore Thailand is quite attractive to companies all over the world.
He said a projected investment of US$300 billion for the Land Bridge project is very worthwhile because It is an important commercial transportation option.
The project can strengthen the Thai production base and Thailand’s neutral position on the world stage which is considered to respond to the needs of investors around the world.
“This project will strengthen Thailand as Switzerland of Asia and create confidence among investors. Therefore, the investment in the Land bridges is more important than the purchasing of submarines and fighter aircrafts.”
2) Thailand has measures to support clean energy, by the year 2040, clean energy will account for 50% of the country’s total electricity production.
Data Center needs clean energy and more demand pf clean energy for the supply chain industry. Large scale companies must support small companies to use clean energy as well.
3) International trade negotiations or “ FTA”, Thai government continues FTA negotiation while the government has already signed memorandum of understanding(MoU) to Sri Lanka.
In the next step, Thai government will negotiate to the European Union ( EU). We will accelerate the FTA negotiation to the Middle East in order to meet the demand of investors
4) Thailand has many outstanding in many factors including good quality of life,
international schools, good public health system while there are many leading hospitals. The government will accelerate to improve on eases of doing business to facilitate investors and the introduction full scale of the national single window (NSW).
5) The government has paid attention to support Thai parts manufacturers or Thai supply chains are in the global supply chains.
6) Thailand has an infrastructure both good standard airport, highways, rail system and deep seaport.
The government will accelerate the development of the third phase of the Laem Chabang Deep Saeport as soon as possible. The project is one infrastructure flagship of the Eastern Economic Corridor (EEC).
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