Thus far in 2016, over 445 companies from 30 countries have announced expansions and new operations in Thailand.
New York, New York (PRWEB) September 13, 2016
The Thailand Board of Investment's New York office today announced that 2016 has been a strong year for the Kingdom’s position in global foreign direct investment, investor confidence and third-party confidence indices.
“We’re seeing a good deal of interest in Thailand as a corporate investment destination,” said Korbsiri Iamsuri, Director of Thailand Board of Investment in North America, “We’re pleased to not only see companies locating to Thailand, but also existing investors expanding their operations.”
Last week, Reuters reported that Goodyear Thailand will build a new $162 million radial aviation tire factory to expand their production at their Phathumthani facility, located north of Bangkok. The expansion of the facility is in response to growing demand in the Asia Pacific market.
Also last week, Mazda announced that it is also expanding its automobile engine production capacity at its Powertrain Plant in Thailand. Again, demand in the Asian market is driving the expansion and the added production is expected to be for export to the Malaysian and Vietnamese markets.
Thus far in 2016, over 445 companies from 30 countries have announced expansions and new operations in Thailand. Companies such as SAIC Motor, Honda, and BMW, for a total investment of over $3.8 billion.
“Foreign investors see that Thailand is committed to continually working to improve our workforce training programs and committed to responding to their needs,” added Director Iamsuri, “The success we’re seeing is a result of our government’s commitment to improving the business landscape in Thailand.”
Some of 2016’s investor confidence indices supported what the Thailand Board of Investment is seeing on the ground.
The A.T. Kearney Foreign Direct Investment Confidence Index ranked Thailand 21st in its top 25 global markets in its annual FDI Confidence index. The United States took first place, and Thailand’s 21st spot was ahead of countries such as Sweden, Ireland Austria, and Norway, who rounded out the remainder of the top 25.
The International Institute for Management Development also ranked Thailand highly in their annual World Competitiveness Ranking. Thailand placed 28th out of 61 countries, ahead of Korea, France, Spain, Italy, India, Mexico, Indonesia, and Brazil.
Sources for Editors
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI’s services are free of charge and customized to help business succeed in Thailand. For more information, please visit http://www.boi.go.th and http://www.thinkasiainvestthailand.com