January 11, 2024
Mr.Narit Therdsteerasukdi, Secretary General, Thailand Board of Investment (BOI) and Mr. Tan Choon Hin, President and CEO UOB Thailand at MOU signing ceremony between UOB Thailand and BOI to promote new investment into Thailand and across UOB key markets
Bangkok, 11 January 2024 Thailand Board of Investment (BOI) today has inked a Memorandum of Understanding (MOU) with UOB Thailand, marking a fortifying agreement to promote business cooperation and facilitate new investment opportunities into Thailand throughout UOB key markets.
The MOU will support the strategic collaboration between BOI and UOB the Asian’s leading bank, and in fostering and facilitating new foreign direct investment into Thailand, as well as supporting Thai companies to expand overseas with the purpose of fostering greater economy and industrial linkage through both parties’ strengths.
Mr. Narit Therdsteerasukdi, BOI Secretary General said “The MOU will strengthen our collaboration to encourage foreign direct investment into Thailand, across the ASEAN, as well as to increase opportunities for Thai overseas investment. This partnership will implement BOI’s broaden role, not only as an incentive provider or ‘Promoter’, but also an ‘Integrator’, ‘Facilitator’ and ‘Connector’. Besides, our key investors for example, Great Wall Motor and BYD have been working extensively with the BOI and UOB to accomplish their large-scale flagship investment projects successfully in Thailand.”
Under the MOU, The Thailand Board of Investment (BOI) will collaborate with UOB’s Foreign Direct Investment Advisory Unit (FDI Advisory Unit) in Bangkok in facilitating businesses looking to invest in Thailand and across the region. Thai and foreign companies can tap into UOB’s full suite of tailored-made financial solutions as well as leverage on the Bank’s regional networks to connect with various government agencies, trade associations and professional service providers across Asia. UOB will also work with BOI to potentially collaborate in investment promotion activities including business matching fairs, trade exhibitions and seminars to promote new investment opportunities into Thailand.
As the second largest economy in ASEAN, Thailand remains one of the most successful countries in the region for attracting Foreign Direct Investment (FDI) with top sources of investment coming
from Greater China and Singapore. Nevertheless, rising global uncertainty and disruptive developments on multilateral trade fronts call for businesses across the region including Thailand to look inward to find new growth opportunities within ASEAN
“The BOI has realised of opportunities across the emerging countries as the immense market and inclusive supply chain. We have currently set up 16 BOI overseas offices, such as China, India, Vietnam and Indonesia. We still see the promising prospect of Singapore, which now currently ranked the second biggest FDI contributor in Thailand, so we have targeted Singapore in the pipeline for the new overseas office in the near future also. In addition, we will set up an office in Riyadh, Saudi Arabia, along with Chongqing, China, to also tap into the two most active investment communities to increase our outreach capability this year,” Mr. Narit added.
According to UOB Business Outlook Study 2023, 83 percent of businesses in this region are keen to expand overseas, and this desire is most pronounced in Indonesian, Chinese, Thai and Vietnamese companies. Thai businesses specifically have set their sights on Singapore, Vietnam, Malaysia, mainland China to expand investment.
Mr. Tan Choon Hin, President and CEO, UOB Thailand said “Thailand has been and continues to be one of the most appealing countries in the region for attracting Foreign Direct Investment (FDI) due to the country’s developed industrial infrastructures, supply chains and long-term growth potential. With our extensive regional network and 10 Foreign Direct Investment units across Asia, UOB is well-positioned to facilitate cross-border investments from global and Asian companies who are seeking to diversify their production capabilities or expanding businesses into Thailand, as well as helping Thai companies venture abroad. The Bank looks forward to working closely and collaboratively with BOI to accelerate the country’s transition to “New Economy” and facilitate the rapid growing FDIs across this region”
Since its inception in 2011, UOB’s Foreign Direct Investment (FDI) Advisory unit has helped more than 4,200 foreign companies with their cross-border expansion. UOB FDI has supported more than 370 companies expand into Thailand. It has also enabled more than US$1.6 billion of projected foreign direct investments and more than 18,000 job opportunities into Thailand since 2019. For Outbound FDI, the Bank has helped more than 210 Thai companies expand across ASEAN with Singapore, Malaysia, and Vietnam as the top destination of investment.
The Thailand Board of Investment (BOI) is a government agency under the Office of the Prime Minister. Its main roles and responsibilities are to promote direct investment both inbound and outbound investment. To promote and facilitate investment in Thailand, the BOI grants both tax incentive such as exemption of Corporate income tax and import duties on machinery and raw materials, while the non-tax incentives includes permission to own land for promoted projects, permission to bring skilled workers/experts to work in the Kingdom and permission for foreign nationals to enter the country to study investment opportunities.
UOB is a leading bank in Asia. Operating through its head office in Singapore and banking subsidiaries in China, Indonesia, Malaysia, Thailand and Vietnam, UOB has a global network of around 500 offices in 19 countries and territories in Asia Pacific, Europe and North America. Since its incorporation in 1935, UOB has grown organically and through a series of strategic acquisitions. Today, UOB is rated among the world’s top banks: Aa1 by Moody’s Investors Service and AA- by both S&P Global Ratings and Fitch Ratings.
For nearly nine decades, UOB has adopted a customer-centric approach to create long-term value by staying relevant through its enterprising spirit and doing right by its customers. UOB is focused on building the future of ASEAN – for the people and businesses within, and connecting with ASEAN.
The Bank connects businesses to opportunities in the region with its unparalleled regional footprint and leverages data and insights to innovate and create personalised banking experiences and solutions catering to each customer’s unique needs and evolving preferences. UOB is also committed to help businesses forge a sustainable future, by fostering social inclusiveness, creating positive environmental impact and pursuing economic progress. UOB believes in being a responsible financial services provider and is steadfast in its support of art, social development of children and education, doing right by its communities and stakeholders.
About UOB Thailand
UOB Thailand is a fully-licensed commercial bank with its network of 151 branches, 352 ATMs nationwide (as at 31 December 2022). UOB Thailand is 99.66 per cent owned by Singapore-headquartered UOB, and is rated among the top banks in Thailand: AAA (tha) by Fitch Ratings.
Source: Thailand Board Of Investment