Thailand to boost computer chip investments for EV industry growth

Thailand is poised to ramp up its investments in computer chips, aligning with the state’s strategy to establish a national semiconductor board, in a bid to bolster the burgeoning electric vehicle (EV) industry.

According to the Secretary-General of the Board of Investment (BOI), Narit Therdsteerasukdi, as domestic EV manufacturing gains traction due to increased foreign investment, the development of related industries becomes increasingly more crucial.

“We need to support investment in semiconductors, smart electronics, and circuit boards as well.”

The initiative follows Finance Minister Pichai Chunhavajira’s announcement that economic ministers have approved a proposal to create a national semiconductor board to enhance the skills of workers in the semiconductor industry.

The green light was given yesterday during the weekly meeting of economic ministers, chaired by Prime Minister Srettha Thavisin.

Pichai noted that Thailand has fallen behind other nations in terms of skilled semiconductor workers, and the private sector must be engaged to address the labour shortage in the domestic semiconductor manufacturing sector.

He further adds that the government plans to send Thai workers to Taiwan for training, leveraging the island’s renowned semiconductor industry.

In tandem with this human resource development, the BOI aims to attract more foreign investment to Thailand.

Narit yesterday signed a memorandum of understanding (MOU) with HSBC Thailand to enhance the promotion of foreign direct investment, aiming to position Thailand as an investment hub in the ASEAN region.

“With HSBC’s international connection network, the company can help to connect Thailand with international corporates.”

The BOI is scheduled to conduct an investment roadshow in Osaka, Japan, next week, followed by a tour in the Middle East in July, to encourage entrepreneurs to invest in S-curve industries, which include new-generation cars and smart electronics.

In the first quarter of this year, investment applications submitted to the BOI surged by 94% year-on-year to 724 project proposals, with the investment value reaching 228 billion baht, marking a 31% increase from the previous year, reported Bangkok Post.