The Thai Board of Investment (BoI) announced that it will set up a special task force in order to facilitate investment from Japan and China, as these countries are expected to relocate their production bases to other markets like Thailand. In particular, Thailand aims at attracting high-tech industries such as IT and electronics, which are likely to move out of China as a consequence of the heightened trade row with the US.
The secretary-general of the Thai National Economic and Social Development Council urged the government to develop special investment packages that entice foreign companies to select Thailand as a base, not solely for factory relocation but also for production capacity expansion.
According to a recent survey by the American Chamber of Commerce interviewing 250 American companies in China, more than 40% were considering moving their Manufacturing facilities out of China or had already done so. Their preferred destinations were Southeast Asia and Mexico.
(Source: Bangkok Post)