Thailand’s Prime Minister, Srettha Thavisin, announced on Sunday that the country is anticipating a substantial influx of investments, with Tesla, Google, and Microsoft among the key players in this economic development.
These tech giants are poised to contribute a combined minimum of $5 billion to Thailand’s growth prospects.
Prime Minister Srettha elaborated on the specific areas of interest for each company, stating, “Tesla is exploring the possibility of establishing an electric vehicle manufacturing facility, while Microsoft and Google are contemplating investments in data centers.”
However, he did not clarify whether the $5 billion investment would be a collective endeavor or if each company would be making individual contributions.
As of now, Tesla, Google, and Microsoft have refrained from providing immediate comments or details regarding this significant investment plan.
Srettha Thavisin shared this news with reporters in Bangkok following his participation in the U.N. General Assembly in New York.
During his stay in the United States, he engaged in discussions with top executives from these tech giants, setting the stage for this potential investment bonanza.
This anticipated fresh inflow of foreign capital is expected to invigorate Thailand’s economy, which has faced challenges recently, with growth projections downgraded to 2.8% for the current year due to weakened export performance.
Highlighting the growing importance of the electric vehicle sector, Prime Minister Srettha disclosed that he had held discussions with Tesla’s CEO, Elon Musk, just last week.
Thailand, already recognized as Asia’s fourth-largest automobile assembly hub, has been proactively attracting electric vehicle and battery manufacturers through a range of incentives.
Additionally, local EV buyers in Thailand have benefited from tax cuts as part of the government’s strategy to maintain its position as a regional automotive hub.
In summary, Thailand is poised to receive substantial investments from industry titans like Tesla, Google, and Microsoft, spanning electric vehicle manufacturing and data center infrastructure.
This financial injection holds the potential to rejuvenate the nation’s economy and solidify its position as a hub for cutting-edge technology in the region.