Tech it to the bank: Thailand’s data boom lures global giants
Thailand is quickly establishing itself as a key player in the global digital landscape, attracting major international data centre investments worth over 100 billion baht.
The Board of Investment (BoI) reported that existing giants from the US, China, Japan, and South Korea are eager to expand their operations in the country, which is anticipated to exceed last year’s investment levels.
BoI Deputy Secretary General Suthiket Thatpitakul highlighted the nation’s strategic initiatives to support this growth.
“Amidst global trade tensions, Thailand offers a stable and advanced environment ideal for investment.”
From 2021 to 2023, the nation saw a remarkable 290 billion baht inflow into its data centres.
The BoI is keen to encourage startup growth, raising the ceiling of its matching fund from 50 million baht per company. This move targets high-potential industries, with an emphasis on deep-tech sectors that promise groundbreaking innovations.
During a seminar hosted by True Digital Park (TDPK), BoI Secretary General Narit Therdsteerasukdi shed light on Thailand’s thriving startup ecosystem.
“We offer a launchpad to Southeast Asia and beyond, supported by a skilled workforce and forward-thinking government policies.”
Narit added that highlighting visas for professionals and tech founders is designed to enhance the nation’s appeal.
TDPK General manager Tarit Nimmanwudipong revealed an ongoing six-year partnership with the BoI aimed at attracting foreign investors.
Recently, TDPK was appointed as a certified agent simplifying LTR visa acquisition and providing market-entry assistance via its International Service Centre, a one-stop shop for business and residency needs established three months ago, Bangkok Post reported.
At the same seminar, Zak Lawton from the British Embassy in Bangkok emphasised Thailand’s growing importance as an economic partner, recognising its burgeoning digital economy, which boasts an impressive 25% annual growth rate.
Global trade aims
The UK’s initiative with Singapore and Thailand to digitalise global trade aims to dramatically reduce reliance on billions of paper documents for transactions.
Eric Lauer, trade and investment advisor at the Luxembourg Embassy, discussed successful finance initiatives, like the ASEAN Startup Exchange programme, that enhance Thailand’s financial hub potential.
Kajiwara Toru, minister and chief of the Japanese Embassy’s economic section, outlined opportunities for Thai growth through transitioning to a circular economy. He suggested adopting Japan’s strategies for reducing air pollution by promoting eco-friendly vehicle replacements, indicating potential pathways for Thailand’s future development.
Thailand’s data revolution not only signifies a shift in the nation’s economic narrative but also marks it as a major contender on the global stage, ready to embrace a future driven by digital innovation and strategic partnerships.
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