Thailand mulls new packages for foreign investors hit by trade war

Deputy Prime Minister of Thailand  Somkid Jatusripitak (Source: AFP/VNA)

Amid the ongoing US-China trade tension, the race to attract foreign investors among the Association of Southeast Asian Nations (ASEAN) is heating up, said Deputy Prime Minister Somkid Jatusripitak.

Somkid explained that the new promotional packages need to be specially tailored to suit the specific needs of investors from different countries. 

For example, those from the Republic of Korea (RoK) mostly want to invest in areas 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 customized packages with detailed investment privileges that suit the need of each company. They must also be flexible and negotiable, he added.

Meanwhile, BoI Secretary General Duangjai Asawachintachit said the agency had set this year’s investment target at 750 billion baht (24.5 billion USD), focusing on companies wishing to move their production bases from China to Thailand.

Currently, the BoI has a list of over 100 companies in China and other countries wishing to relocate to Thailand, she said. 

It will employ three strategies in handling these companies, depending on their business types and specific needs. The first provides a customized promotion package to compensate for their loss from the trade war. Meanwhile, the second persuades them to invest in the Eastern Economic Corridor (EEC), and the third provides them with stimulus packages for small-and medium-sized enterprises.-/.

VNA