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SATURDAY, September 30, 2023

Fifty foreign firms allowed to invest in Thailand in April

Fifty foreign firms allowed to invest in Thailand in April
WEDNESDAY, May 18, 2022

The Commerce Ministry gave fifty international companies in April the go ahead to conduct business in Thailand under the Foreign Business Act, Deputy Commerce Minister Sinit Lertkrai said on Tuesday.

“These foreign companies have invested more than THB9.9 billion in Thailand and generated up to 592 jobs for local people,” he said. “Most of these firms are from Singapore, Japan and Hong Kong, respectively.

“Allowing more foreign companies to invest in Thailand will help promote knowledge and technology transfer, especially in online trade platform operations, machining centre management, mechanical and electrical engineering, and wireless control of the Optime system using smartphone applications and computers,” Sinit said.

He added that 15 foreign companies have been given approval to invest in the Eastern Economic Corridor (EEC), or 30 per cent of all approved foreign companies in April.

These companies have invested THB2.66 billion in the EEC, or 27 per cent of total foreign investment. Most of the firms are from Japan, the United States and Singapore, while EEC investments have been made in digital services, cloud computing, sensor technology, canned food and beverage packaging, and furniture manufacturing.

The Commerce Ministry expects more foreign companies to apply for investment due to an improving Covid-19 situation and the government easing restrictions on foreign arrivals, which will help restore investor confidence.