BOI enters China and attracts EV electronics
Revealing the first quarter, China encourages investment of more than 25 billion
BOI Partners with IEAT to Participate in Roadshow to Attract Chinese Investment Continuing roadshow offensive operations in Japan and the United States. Success Beyond Expectations More than 500 Chinese businessmen flocked to the seminar ready to break into target companies. They insist on investing in the industry. EV and electronics shows that China applied for more than 25 billion baht for investment promotion in the first quarter
Mr. Narit Therdsateerasak Secretary-General of the Board of Investment (BOI) announced the results of the Investment Roadshow in the People’s Republic of China. In key business cities including Shanghai, Hangzhou, Shenzhen and Guangzhou, the BOI traveled together with the Industrial Estate Authority of Thailand (IEAT) between April 3rd and 7th, 2023 to organize a major seminar in Shanghai along with more than 10 Chinese electric vehicle (EV) manufacturers and major electronic component manufacturers This is the first roadshow in China in three years since the outbreak of COVID-19.
“China is a strategic partner of Thailand. and plays an important role in the Thai economy both in terms of investment, trade and tourism. After China opened up the country, the BOI therefore rushed to organize a delegation to visit China. which has been very successful Chinese investors are confident and confirmed Thailand as an important business base in the region, especially in high-tech industries, both electric vehicles electronic and digital, in line with the investment promotion policy to create a new Thai economy in the next 1-2 years an important time for us to proactively attract investment from China. as the world situation is highly uncertain, this is forcing companies to further expand their investments from their bases in China. to reduce business risk,” said Mr. Narit.
in the electric vehicle industry The Thai delegation met with five major Chinese manufacturers: Changan Automobile, Geely, BYD, JAC and Jiangling Motors (JMC. Both JAC and JMC are leading manufacturers of electric pickups and trucks. All expressed an interest in Invest EV production in Thailand and support Thailand as a regional electric vehicle production base It can be seen that Thailand has a proactive policy to promote integrated electric vehicles, has a supply chain of parts ready to support electric vehicle production , and has high-quality infrastructure and logistics systems, and the domestic market tends to be growing strongly.In addition, everyone is interested in expanding the EV or EV 3.5 support measures already approved by the National Electric Vehicle Board (EV Board).Investments from this group amount to no less than 20 billion baht in the next 1 year, not including BYD, which has applied for investment support for EV car and parts production in Thailand for 6 projects totaling over 30 billion baht.
“Chinese electric vehicle manufacturers insist that Thailand is their first destination in the region. Because it is in every way ready to build an EV industry base, both producing for domestic sales and exporting all over the world. In addition, there is confidence to invest more, seeing the growth examples of other Chinese companies that entered the Thai market earlier, such as MG, Great Wall Motor, BYD and NETA,” said Mr. Narit.
China’s electronics conglomerate is another industry tending to expand many manufacturing bases in Thailand. In particular electronics in vehicles and communication devices. The delegation met with major manufacturers of electronic components and printed circuit boards (PCB), namely WUS Printed Circuit (Kunshan) and ASKPCB, both of which have a joint investment plan of more than 12,000 million baht in Thailand and want to invest in more than 200 companies in Thailand , to efficiently manage the production cost and delivery of goods. This time, we met with more than 10 major suppliers such as Yiyang Jindong Technology, Haoyue New Materials Technology and Guangdong Dtech, as well as the China PCB Manufacturers Association.
“China Electronics Group It is necessary to find a second production source outside of China or China + 1 in order to diversify risks and control production costs. Thailand is one of the target countries, but investments in this group require a large number of suppliers to support production, so the BOI will encourage some suppliers to invest in Thailand. Along with promoting potential Thai companies into this supply chain. through industrial linkage activities to maximize the benefits of the country, the Chinese side is also willing to support,” said Narit.
In addition, BOI held a major seminar “Thailand’s New Investment Promotion Policies: NEW Economy, NEW Opportunities” in cooperation with the Shanghai Municipal Commission of Commerce to publicize new investment promotion policies. and Thailand’s potential both as a manufacturing base and as a regional office including long-term residents (LTR visa) to attract high-profile staff, and Mr. Wiris Amrapal, Governor of IEAT, shared a description of the industrial zone’s readiness to support investment. The event received wide attention from Chinese businessmen. More than 500 participants from various industries such as automotive and parts were present. Electrical and electronic equipment, digital, machinery and equipment Medical technology Logistics companies, etc.
After this activity, a group of Chinese businessmen will visit Thailand constantly. From April 19-22, 2023, the China Printed Circuit Association will bring together more than 60 PCB and component manufacturers to explore investment opportunities in Thailand.2023 Mayor of Shanghai More than 50 Chinese executives and businessmen will come to seminars on building a Thai -Organize Chinese cooperation and promote investment in the Yangtze River Delta Economic Area. This will be followed by the 16th World Chinese Entrepreneurs Convention (WCEC) on June 24-26, 2023, which will be attended by around 4,000 Chinese business people.
In 2022, China was the leading foreign investor applying for investment support with 158 projects worth 77,381 million baht, most of them in electrical and electronics industries. Automobile and Parts, Chemical and Digital: In the first quarter of this year (Jan – Mar 2023), 38 projects from China are applying for investment support worth more than 25,000 million baht.
