Thailand Board of Investment (BOI) keeps its momentum going in full swing, with the opening of its new overseas office in Beijing today (April 2, 2009). This is BOI’s second office in China after the one in Shanghai. The BOI targets to attract more Chinese investment, particularly in machinery and equipment, metal working, pharmaceutical and alternative energy. The agency will also open another China office in Guangzhou by the third quarter of this year.
Mr. Chanchai Chairungruang, Minister of Industry, expressed optimism as Thailand designated 2009 the Year of Investment, moving forward in promoting a favourable investment climate and offering maximum incentives. “We are confident that China will still consider Thailand as a prime investment destination despite the global downturn,” said the Industry Minister.
According to the BOI, the total value of net applications from China during Jan-Feb 2009 surged by 25.37% to Bt84 million (USD2.34 million), compared to the same period last year. During 2001-2008, there are over 357 Chinese projects approved by the BOI, valued totally at Bt38.96 billion (USD1.1 billion). Chinese investment in Thailand peaked in 2007 with the value of BOI-approved applications totaled Bt15.85 billion (USD442 million), the highest level during the past ten years.
Dr. Atchaka Sibunruang Brimble, BOI Secretary General said that the world’s current situation encouraged Chinese enterprises to invest overseas and Thailand offers itself as a competitive investment location given its many advantages, including a strategic location, a comprehensive supply chain and attractive investment incentives. The kingdom also possesses a world-class reputation in many sectors such as automotive, jewelry, food processing and hospitality sectors. “Thailand and China celebrated the 30th anniversary of diplomatic relations between the two countries in 2005. BOI’s second office in China is our proactive move not only in providing investment information and business match-making services for Chinese investors, but also in strengthening the long-standing relationship between the two countries.” Dr. Atchaka said.
“Leading Chinese companies found Thailand’s strategic location a competitive strength as they can expand their business and export markets in the region. Recently, Haier Electronics, China’s largest home appliance manufacturer, opened its third factory in Thailand.” Dr. Atchaka added.
After the opening ceremony, the BOI team will also meet with executives from leading Chinese companies in several sectors such as automotive and electronics industries to discuss Thailand’s current investment climate and investment opportunities.
Despite the global economic downturn, the BOI is on its proactive move to open more new overseas offices later this year. The next will be in Sydney, scheduled to open on April 27, followed by Seoul, Guangzhou and Stockholm by the third quarter of 2009.
Thailand Board of Investment, Beijing Office, under the supervision of Kanokwan Suthiranad, Director, is located at the Royal Thai Embassy, No.40, Guang Hua Road, Beijing, P.R. China, 100600. For more information, please contact: Tel. (86 10) 6532 1749, Fax. (86-10) 6532 1620 or E-mail: beijing@boi.go.th
