UOB Thailand taps BOI for FDI drive

UOB Thailand has forged a strategic alliance with Thailand’s Board of Investment (BOI) aimed at boosting foreign direct investment (FDI) in the country’s high-tech sectors, with a specific focus on electronics and electric vehicles (EVs). Led by UOB Thailand President Tan Choon Hin, this collaboration seeks to leverage Thailand’s robust industrial foundation to attract investors from Greater China and Singapore, while also supporting Thai companies in expanding their presence within ASEAN markets.

The signed memorandum of understanding (MoU) is part of a broader initiative to position Thailand as a key player in the global supply chain and create high-quality job opportunities. UOB’s FDI advisory unit, with a successful track record, has facilitated the entry of over 370 foreign companies into the Thai market since 2019, resulting in a significant $1.6 billion in projected investments and the creation of more than 18,000 jobs. UOB’s regional network has also assisted over 210 Thai firms in expanding their footprint across ASEAN countries, including Singapore, Malaysia, and Vietnam.

The UOB Business Outlook Study underscores a notable trend among Southeast Asian companies, with 83% expressing interest in international expansion. Thailand’s attractiveness for FDI is strengthened by its efficient supply chain, skilled workforce, and robust automotive parts industry, especially conducive to growth in the electronics and EV sectors.

To further enhance Thailand’s competitive position, UOB and BOI plan to collaborate on promotional events. Additionally, BOI is exploring the establishment of new outposts in key markets like Singapore to streamline investor relations, reinforcing Thailand’s commitment to becoming a central hub for high-tech investments in the region.