Thailand moving full speed ahead to lure China’s EV ‘big fish’ to ‘Detroit of Asia’
- China manufacturers are the key target of Thailand’s goal to lure US$28 billion of foreign investment, to enter the top tier of electric vehicle makers
- Thailand recorded US$10 billion in foreign direct investment applications in the first 8 months of 2023, with Chinese investors making up a quarter
Thailand, renowned as the “Detroit of Asia” for its production of internal combustion engine cars, wants to break into the top tier of electric vehicle makers as part of a goal to lure 1 trillion baht (US$28 billion) of foreign investment in four years.
To that end, the Southeast Asian nation has set up a “special operation” centre to catch what its investment board head calls the “big fish” of the EV industry and other strategic sectors.
Chinese EV makers are a top target, said Narit Therdsteerasukdi, secretary general of the Board of Investment.
The agency’s investment target for the four years through 2027 has not been previously reported.
EV and autom, electronics, digital, so-called regional headquarters and green economy are the five “strategic industries” being prioritised by the board for investments, Narit said.
While Thailand has already attracted a slew of Chinese companies including BYD Co, Great Wall Motor Co, and SAIC Motor Corp, a look at EV investment trends in 2022 shows the urgency for the nation to get in on the action.
