BANGKOK, April 16 – Japan is courting the private sector in Thailand to invest in the island country, according to the Thai Board of Investment (BoI).
BoI Secretary General Udom Wongviwatchai said the Thai government agency was approached by the Japan External Trade Organisation (JETRO), an independent agency promoting trade and investment, urging Thai businessmen to invest in the East Asian nation, especially in renewable energy.
Japan is in need of renewable energy after closing some of its nuclear power plants and an increasing number of Japanese people are rejecting nuclear power.
Mr Udom said Thailand’s renewable energy industry is advanced and a Thai firm has already invested in a solar farm to generate power in Japan.
Other potential businesses are hotels, spas and Thai food in order to cater to the general Japanese public and tourists, he said. However, large amounts of capital are needed when investing in Japan.
The BoI secretary general said Japan was confident in the Thai private sector’s capability in tourism-related businesses given the large number– more than 20 million– of foreign tourists in Thailand each year.
Japan currently has about 10 million foreign tourists each year.
He said Japanese investors have begun adopting the “Thailand Plus One” method in its investment by simultaneously investing in Thailand and one of the neighbouring countries.
They have mostly invested in labour-intensive industries, he added.
Mr Udom said Eastern Europe is another potential market for Thai products and investment due to low wages.
