Global companies such as Tesla, Microsoft, and Google are expected to invest about $5 billion in Thailand.
According to the Bangkok Post and other local media on the 25th, Thai Prime Minister Tawisin is expected to receive at least $5 billion from Tesla, MS, and Google over the next few years after returning to New York to attend the United Nations General Assembly. Prime Minister Tawisin said, “Tesla is considering building an electric vehicle plant in Thailand, and Microsoft and Google are considering building a data center.” However, it did not mention details such as the size and timing of investment by company.
Thailand’s electric vehicle industry is growing rapidly thanks to the government’s policy of fostering. Tesla announced its entry into the Thai market in December last year and released Model 3 and Model Y.
Global digital companies are also expanding their investments in Southeast Asian markets. Amazon, the world’s largest e-commerce company, also announced plans to build a data center in Thailand last year.
Theta, who was elected Thailand’s prime minister last month, has been focusing on the economy since taking office. During his first overseas visit to the United States, he contacted major companies such as Tesla, Google, Microsoft, Citibank, JPMorgan, and Estee Lauder.
“One of the main tasks of the visit was to inform world economic leaders that Thailand is open and ready to welcome all foreign investors,” Mr. Seta said. He said he would also meet foreign companies and persuade them to invest in Thailand during the Asia-Pacific Economic Cooperation (APEC) summit in San Francisco in November.
In addition, Prime Minister Theta said he also explored the possibility of Thai companies being listed on the New York Stock Exchange (NYSE) in the United States and Thailand’s hosting of the FIFA World Cup. Thailand’s economic growth rate was only 2.6% last year as the tourism industry was hit by the COVID-19 outbreak and exports slowed. This year’s growth rate is also expected to be around 2.8%.
