Thai government spokesperson Anucha Burapachaisri announced on the 2nd that the Thai government plans to significantly improve the business environment by amending laws and regulations to attract domestic and foreign investment in five major 'future industries'.
According to a report by China News Agency, Anucha stated that these five future industries are data centers, artificial intelligence, electric vehicles, high-value agriculture, and food technology. The Thai government estimates that by 2025, investors from both domestic and foreign markets will invest at least 800 billion baht (104.658 billion ringgit) in these five industries. He said that this investment promotion plan is expected to help Thailand achieve an economic growth of over 3%.
Anucha stated that the plan to attract supply chain partners in the five target industries is also expected to bring more investments to Thailand this year and in the coming years.
It is reported that in the data center industry, technology giants including Amazon Web Services, Google, Microsoft, and Huawei have already started investing in the country.
He said that in order to attract these companies and others to invest more in future industries, outdated laws and regulations regarded as obstacles will soon be amended or even abolished. The complex and lengthy processes involved in applying for business licenses and investment permits from the Thai Board of Investment will be shortened and simplified.
Anucha stated that the Thai Ministry of Transport, Ministry of Interior, and Ministry of Agriculture and Cooperatives have designated officials to oversee the development of these five major industries and ensure the interests of investors.