Deputy Prime Minister of Thailand Somkid Jatusripitak (Source: AFP/VNA)Bangkok (VNA) - The Thai Government has orderedthe Board of Investment (BoI) to devise a relocation package for foreigninvestors wishing to shift from China to Thailand as a result of the US-Chinatrade dispute.
Amid theongoing US-China trade tension, the race to attract foreign investors among theAssociation of Southeast Asian Nations (ASEAN) is heating up, said Deputy PrimeMinister Somkid Jatusripitak.
Somkid explained that the new promotional packages need to be speciallytailored to suit the specific needs of investors from different countries.
For example, those from the Republic of Korea (RoK) mostly want to invest inareas in the proximity of existing factories owned by RoK companies. So,Thailand needs to make sure that it has vacant space in the industrial zones,he said.
Thailand must prepare customised packages with detailed investment privilegesthat suit the need of each company. They must also be flexible and negotiable,he added.
Meanwhile, BoI Secretary General Duangjai Asawachintachit said the agency hadset this year’s investment target at 750 billion baht (24.5 billion USD),focusing on companies wishing to move their production bases from China toThailand.
Currently, the BoI has a list of over 100 companies in China and othercountries wishing to relocate to Thailand, she said.
It will employ threestrategies in handling these companies, depending on their business types andspecific needs. The first provides customised promotion package to compensatetheir loss from the trade war. Meanwhile, the second persuades them to investin the Eastern Economic Corridor (EEC), and the third provides them withstimulus packages for small-and medium-sized enterprises.-VNA
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