Mon, June 27, 2022

business

41 foreign companies get the nod in May to invest in Thailand


Forty-one foreign companies have been allowed to conduct businesses in Thailand under the Foreign Business Act, Sinit Lertkrai, the deputy commerce minister, said on Friday.

“These foreign companies have invested over 18.69 billion baht in Thailand and generated up to 753 jobs for local people,” he said. “Most of these companies are from Singapore, Japan and Cayman Islands.”

Sinit said that allowing more foreign companies to invest in Thailand will help promote knowledge and technology transfer, especially in the areas of petroleum rig control, multiverse platform operation, coronary angioplasty, enterprise software development, data and predictive analytics, and integrated circuit manufacturing.

Sinit added that 12 foreign companies have been approved to invest in the Eastern Economic Corridor (EEC), or 29 per cent of all approved foreign companies in May. These companies have invested 15.16 billion baht in the EEC, accounting for 81 per cent of total foreign investment. Most of these companies are from Japan, Singapore and the Netherlands, while businesses in the EEC that received foreign investments include data collection and processing services, electronic component installation, digital camera and lens manufacturing.

The Commerce Ministry expects more foreign companies to apply for investment in Thailand in the rest of the year due to the improving Covid-19 situation and the easing of restrictions for foreign arrivals, which will help restore confidence among foreign investors.

Published : June 17, 2022

By : THE NATION