Thailand promotes investment in five 'future industries'

The Thai government aims to attract more investments in five core “future industries” by improving the ease of doing business through amended laws and regulations, according to Jirayu Houngsub, spokesman for Prime Minister Paetongtarn Shinawatra’s Office.

The investment promotion plan is expected to help Thailand achieve economic growth of more than 3%, he said, citing a summary provided by Prommin Lertsuridej, secretary-general to the PM.

The five industries are data centers, artificial intelligence (AI), electric vehicles, precision agriculture, and food technology, said Jirayu. The government estimates at least THB800 billion ($23.2 billion) from both local and international investors will be invested in the five industries this year alone.

Related promotion plans, such as one for attracting supply chain partners for the five targeted industries, are also expected to bring more investments to Thailand this year and in the years to come, said Jirayu.

In the data center industry, for instance, tech giants, including Amazon Web Services, Google, Microsoft, and Huawei, have already begun investing in the country, he said.

In order to facilitate more investment from these companies and others, outdated laws and regulations that are seen as obstacles will soon be amended or even abolished, he said, adding that the ministries of Transport, Interior and Agriculture have been assigned to lead the work of ensuring convenience of investors in the five industries.