BANGKOK – UOB Thailand has entered into a strategic partnership with Thailand’s Board of Investment (BOI) to enhance foreign direct investment (FDI) in the country’s high technology sectors, with a focus on electronics and electric vehicles (EVs). This collaboration, under the guidance of UOB Thailand President Tan Choon Hin, is set to capitalize on Thailand’s robust industrial foundation to attract investors from Greater China and Singapore, while also aiding Thai companies in their expansion efforts within ASEAN markets.
The memorandum of understanding (MoU) signed between the two entities is part of a broader initiative to position Thailand as a key player in the global supply chain and to create high-quality job opportunities. The FDI advisory unit of UOB has a proven track record, having facilitated the entry of over 370 foreign companies into the Thai market since 2019. This influx has led to a substantial $1.6 billion in projected investments and the generation of more than 18,000 jobs. Additionally, UOB’s regional network has supported over 210 Thai firms in extending their reach to other ASEAN countries, including Singapore, Malaysia, and Vietnam.
The UOB Business Outlook Study highlights a significant inclination among Southeast Asian companies towards internationalization, with 83% showing interest in expanding beyond their home markets. Thailand’s appeal for FDI is bolstered by its efficient supply chain, skilled workforce, and strong automotive parts industry, which are particularly conducive to growth in the electronics and EV sectors.
To further solidify Thailand’s competitive edge, UOB and the BOI will join forces in hosting promotional events. Moreover, the BOI is exploring the establishment of new outposts in key markets such as Singapore to streamline investor relations and engagement, reinforcing Thailand’s commitment to becoming a central hub for high-tech investments in the region.
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