InfoQuest (December 3, 2019) -- Mr. Wuttikrai Leeveeraphan, director general of the Department of Business Development (DBD) of the Ministry of Commerce (MOC) of Thailand, revealed that the Foreigner Business Council has approved 22 cases of foreign investment in Thailand, with relevant investors coming from Japan, Singapore, and Switzerland. Those projects involved a total investment of 238 million baht and will bring 391 job opportunities. Through those projects, foreign enterprises will transfer production technology and know-how to Thai enterprises directly.
Compared with October 2019, six more cases of business were approved in November, up 38 percent. The total investment volume dropped by 12 percent compared with last month, namely 33 million baht. That was because foreign investments approved in October 2019 were mainly business entailing large investment, such as induction furnace installation, repair and maintenance, tool and equipment design for engine production, and life insurance and non-life insurance brokers.
According to Mr. Wuttikrai, these approved investments will encourage foreign investors to educate Thai enterprises with relevant technology and know-how for relevant fields in which they are completely green hand or backward. Those include drilling control and offshore safety technology, repair and maintenance of gas turbines and relevant equipment technology, camera and telescope operating system-related technologies, advanced automotive production processes and quality inspection technology, and electric vehicle and electronic system design technology.
Investment fields accessible to foreign investors include: 1. 11 cases relate to business offered by affiliates/subsidiaries, and the investors mainly come from Japan, Singapore, and Switzerland, with investments totaling 71 million baht. Main business includes: auto, auto parts manufacturing and assembly; non-alcoholic beverage product testing; performance recommendations, testing and analysis of chemicals used in polymer production; accounting services; loan services.
2. Four cases relate to agency/retail/wholesale, and the investors come from Singapore, Japan and Taiwan, with a total investment of 41 million baht. Main business includes: vegetable seed purchasing agent in domestic and foreign markets; cameras, telescopes and lenses wholesale; compressor equipment and components retail; retail of fixtures for printed circuit board checking.
3. Three cases relate to private sector contracting, and the investors come from China, Japan and Korea, with investments totaling 94 million baht. Main business includes: gas turbine repair and maintenance and relevant management and customs clearance facilitation; coal power plant maintenance and troubleshooting, main plant inspection and technical support; oil drilling.
4. One case relates to SOE contracting, and the investor comes from Singapore, with investment totaling 14 million baht. Main business includes: repair, maintenance and parts procurement for the "Platform Screen Doors and Automatic Toll Collection System for Purple Rapid Transit Project".
5. Three cases relate to client services, and the investors come from Liechtenstein, Netherlands and Switzerland. The investments total 18 million baht. Main business includes: licensing for computer software in construction design; installation, repair and maintenance of water pumps and related consultation and training; rental services for some areas of buildings and public facilities.
According to Mr. Wuttikrai, from January to November 2019, 193 cases of foreign investment in Thailand were approved, with a total investment of 22.153 billion baht, down by 23%, or 59 cases, compared with the same period of last year.
Investment volume has increased by 106 percent, namely 11.42 billion baht. That was because foreign investments approved in 2019 were mainly business entailing large investment, such as engineering services, procurement and installation of power plant projects, testing of semi-automatic soil or stone grinder system; design, procurement, supply, installation, testing and defect repair and maintenance for Bangkok MRT Blue Line; oil ship scrapping management project; and resource satellite installation, system testing and technical support.
Source: InfoQuest, by Kasamarporn Kittisamphan / Rachada, translated by Xinhua Silk Road
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