Thailand promotes new policies to lure foreign investment
The Thai government on September 10 endorsed a package of measures aimed at attracting more foreign investment, especially to expedite investments from companies seeking to relocate their production plants in the context of the escalating US-China trade tension.
A street in Bangkok capital city of Thailand (Photo: wordpress.com)
Bangkok (VNA) – The Thai government on September 10 endorsed a package ofmeasures aimed at attracting more foreign investment, especially to expediteinvestments from companies seeking to relocate their production plants in the contextof the escalating US-China trade tension.
The new package includes investment acceleration incentives, and policies to easeconstraints faced by foreign investors, especially in target industries.
According to Kobsak Pootrakool, Deputy Secretary-General incharge of political issues of Thai Prime Minister Prayut Chan-o-cha, thepackage will also include measures to support science, technology, engineeringand mathematics (STEM) manpower development.
Kobsak said the new stimulus package will help Thailand be able to compete withother countries in Asia in attracting foreign investment, especially fromhigh-tech enterprises.
Secretary General of the Thailand Board of Investment Duangjai Asawachintachit said the agency would promote foreigninvestment by coordinating with relevant agencies to deploy promotion campaignsin China, Japan, Taiwan (China), and the Republic of Korea.
The same day, the Thai cabinet has approved a 10 billion baht (330 million USD)disbursement from the country’s Competitiveness Fund to support theestablishment of a hi-tech academy in Thailand, which is expected to contributeto training hi-tech human resources for Thailand - one of the important factorsto attract investment from foreign technology businesses./.
Total registered investment in Thailand reached a total of 902 billion THB (28.2 billion USD) in 2018, 43 percent higher than the previous year and beating the set target of 720 billion THB, according to the Thai Board of Investment (BOI).
The Thai government has ordered the Board of Investment (BoI) to actively attract foreign investors who plan to move out of China, especially Japanese ones hit by the US – China trade war.
Promoted investment by the new government is hoped to speed up Thailand’s economy and help its GDP grow at a faster pace in the second half of 2019, said Deputy Prime Minister Somkid Jatusripitak.
The Thai cabinet on August 20 approved an economic stimulus package, worth 316 billion THB (over 10 billion USD), to boost the country’s sluggish economy.
The Thai Government has ordered the Board of Investment (BoI) to devise a relocation package for foreign investors wishing to shift from China to Thailand as a result of the US-China trade dispute.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
A street in Bangkok capital city of Thailand (Photo: wordpress.com) 
