The Board of Investment (BOI) has given the green light to 20 new investment projects, totaling 30 billion baht, initiated by Taiwan-based electronics companies. These firms are looking to establish Thailand as their new export hub, a move expected to bolster the country’s electronics industry.
Amidst rising geopolitical tensions, particularly between China and Taiwan, these companies seek alternative investment destinations, with Thailand offering lower operational costs compared to the US and Europe.
The BOI has extended investment incentives to these Taiwanese firms during the months of January and August. Among the products to be manufactured are printed circuit boards (PCBs) and notebooks for Hewlett-Packard, a prominent US-based information technology company.
Taiwan’s electronics manufacturing sector already commands a significant global market share, holding 35%, while its semiconductor industry, with companies like Taiwan Semiconductor Manufacturing Co, boasts a dominant 65% share.
By attracting more electronics companies, including those from China and Japan, Thailand aims to position itself as a major PCB manufacturing hub within the ASEAN region. The BOI’s five-year investment promotion strategy for 2023-2027 focuses on supporting high-tech, green, and smart industries, as well as fostering creativity and innovation, all of which are seen as drivers for a new economy and enhanced competitiveness.
The BOI also intends to further encourage Taiwanese firms to invest in Thailand, as Taiwan remains one of its target countries in Asia. These investments are expected to contribute to the development of the Eastern Economic Corridor (EEC), transforming it into the nation’s high-tech industry hub. (NNT)
