The electronics trade of Thailand is about to expertise important growth as 20 new investments, amounting to 30 billion baht, have been permitted by the Board of Investment (BoI). These investments are from Taiwan-based electronics companies that have proven intent to ascertain Thailand as their new export base.
The BoI indicated that this move is particularly noteworthy for producers of printed circuit boards (PCBs), as they seek new funding locations to circumvent the effects of geopolitical conflicts, including the tensions between China and Taiwan. Additionally, operating prices in Thailand are considerably lower than in the US and Europe, making it a really attractive investment destination.
The incentives for investment were offered to the Taiwanese companies between January and August.
Narit Therdsteerasukdi, the secretary-general of the BoI, said some companies will produce PCBs, whereas others will produce notebooks for HP, in reference to the US-based info know-how firm, Hewlett-Packard.
Taiwan holds a notable position in the world electronics manufacturing sector, commanding a 35% market share. Its prominence is even more important in the semiconductor sector, where it commands a 65% world market share, with Taiwan Semiconductor Manufacturing Co., being thought-about a market leader.
“If we embody other electronics companies in Thailand, particularly those from China and Japan, the mixture can make the nation a serious PCB manufacturing base in ASEAN.”
The BoI has plans to encourage more electronics firms to spend money on Thailand under its five-year funding promotion strategy. This strategy, planned for 2023-27, goals to assist investment in high-tech, green and sensible industries, as well as companies driven by creativity and innovation. These sectors are anticipated to drive a brand new economic system and increase competitiveness.
“ More are in talks with more Taiwanese companies to encourage them to invest right here.”
Taiwan is among the many board’s target nations in Asia, with its investment anticipated to facilitate progress in S-curve industry development within the Eastern Economic Corridor (EEC).
The EEC, encompassing components of Chon Buri, Rayong and Chachoengsao provinces, is anticipated to evolve into the country’s high-tech trade hub, reported Bangkok Post.
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