UOB Thailand Collaborates with BOI to Attract High-tech FDI

February 2024

United Overseas Bank (UOB) Thailand recently forged a strategic alliance with Thailand’s Board of Investment (BOI) to amplify foreign direct investment (FDI) in the country’s high-tech sectors, with a specific emphasis on electronics and electric vehicles (EVs). Guided by UOB Thailand President Tan Choon Hin, this collaboration aims to leverage Thailand’s robust industrial foundation to attract investors from Greater China and Singapore, while simultaneously supporting Thai companies in expanding their presence across ASEAN markets.

The memorandum of understanding (MoU) inked between the two entities is part of a broader initiative to position Thailand as a pivotal player in the global supply chain and generate high-quality job opportunities. UOB’s FDI advisory unit has a proven track record, facilitating the entry of over 370 foreign companies into the Thai market since 2019. This influx has resulted in a significant projected investment of USD 1.6 billion and the creation of over 18,000 jobs. Furthermore, UOB’s regional network has assisted more than 210 Thai firms in extending their footprint to other ASEAN countries, including Singapore, Malaysia, and Vietnam.

The UOB Business Outlook Study underscores a notable inclination among Southeast Asian companies toward internationalization, with 83% expressing interest in expanding beyond their domestic markets. Thailand’s attractiveness for FDI is underpinned by its efficient supply chain, skilled workforce, and a robust automotive parts industry, particularly favorable for growth in the electronics and EV sectors.

To reinforce Thailand’s competitive edge, UOB and the BOI plan to collaborate on promotional events. Additionally, the BOI is exploring the establishment of new outposts in key markets like Singapore to enhance investor relations and engagement, solidifying Thailand’s commitment to becoming a central hub for high-tech investments in the region.

(Source: Investing.com)

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