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MONDAY, September 26, 2022
Plan to woo Bt1 trillion in foreign investments

Plan to woo Bt1 trillion in foreign investments

THURSDAY, February 10, 2022

Thailand’s trade representative has an ambitious plan to draw as much as Bt1 trillion in foreign investments over the next year or two, which is enough to boost GDP growth by a hefty 3 per cent a year.

ML Chayotid Kridakon, who also heads a proactive team tasked with attracting investments, said on Thursday that the focus would be on five key industries – automobiles, electronics, medicine, digital, and tourism.

“These five major industries have relied heavily on foreign countries. Thailand has no potential to go it alone, so we need investors from outside the country,” he said.

Autos, electronics and tourism account for 50 per cent of Thailand’s gross domestic product, according to the trade representative.

If things go as planned, increased investment in the three industries would help boost the country’s GDP by 3 per cent per year, he said.

Since the beginning of this year, his team has held discussions with the embassies of the United States and certain Asian and European countries, as well as trade chambers and foreign corporations about their requests regarding investment in Thailand.

“All of them want the government to ease the visa rules. The request has already been granted, and it will take effect in two months,” ML Chayotid said.

He explained that the maximum period for the long-term residency visa has been extended to 10 years, while visa renewal can be done every year, instead of every 90 days as was the case in the past.