BOI targets computer chip investments 

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June 13, 2024

The Board of Investment (BOI) is planning to increase investments in computer chips to support the rapid growth of the electric vehicle (EV) industry in Thailand, moving in tandem with the state’s plan to set up a national semiconductor board.

Development of related industries is required as domestic EV manufacturing is gaining momentum, following higher investment from foreign companies, said Narit Therdsteerasukdi, secretary-general of the BoI.

“We need to support investment in semiconductors, smart electronics and circuit boards as well,” he said.

The move came after Finance Minister Pichai Chunhavaira said economic ministers decided to give a green light to a proposal to set up a national semiconductor board to upskill semiconductor industry workers.

The approval was announced on June 10 after the weekly meeting of the economic ministers, chaired by Prime Minister Srettha Thavisin.

Thailand has lagged other countries in terms of skilled semiconductor workers, and the private sector must be involved in tackling the shortage of skilled labour in domestic semiconductor manufacturing, said Mr Pichai.

The government is planning to send Thai workers to Taiwan for training, as the island is famous for its semiconductor industry, he said.

Along with this human resource development, the BOI will continue to try to persuade foreign business people to invest in Thailand.

On Wednesday, Mr Narit signed a memorandum of understanding (MOU) with HSBC Thailand to better promote foreign direct investment in Thailand in order to make the country an investment hub in Asean.

With HSBC’s international connection network, the company can help to connect Thailand with international corporates, he said.

The BOI will hold an investment roadshow in Osaka, Japan, next week, and then in the Middle East in July in order to encourage entrepreneurs to invest in S-curve industries, which include new-generation cars and smart electronics.

During the first quarter of this year, investment applications submitted to the BOI increased by 94% year-on-year to 724 project proposals, with the investment value reaching 228 billion baht, a year-on-year increase of 31%.

Source: Bangkok Post