Czech mate: Thailand’s wheels of fortune spin with potential investments
The Czech Republic has expressed interest in investing in Thailand’s automotive and medical sectors, according to Nalinnee Taveesin, Thai Trade Representative. The Czechs are keen to establish economic partnerships in Thailand’s automotive industry, to attract Czech automotive companies for investment, develop technology, and set up production bases in Thailand.
The companies showing interest are the Skoda Group (Volkswagen Group), a manufacturer of EV vehicles and related components. This aligns with Thailand’s policy of promoting electric vehicle production.
The Czech Republic is renowned for its production of national defence products, cybersecurity stability, and medical equipment. Currently, the Czech Republic is promoting its medical companies for an investment in Thailand.
As a significant trade partner of Thailand, the Czech Republic benefits from foreign companies investing under the BOI and EEC. The Thai government has plans to develop the country into the World’s Wellness Capital, inviting Czech medical companies to invest in Thailand and collaborate to improve the standard of Thai labour.
Several Thai companies have already invested in the Czech Republic, such as Indorama Ventures, which has established a factory for producing tyre reinforcement materials. As the diplomatic relationship between Thailand and the Czech Republic will mark its 50th anniversary this year, it is an excellent opportunity for high-level executives from both countries to meet and discuss further.
Both countries agree that the Thai–European Union FTA will be a crucial mechanism to facilitate trade and promote product movement. However, as the agreement is of a high standard, Thailand has asked the Czech Republic to support the negotiations to be completed as planned. While the agreement has many details and may require an adjustment period initially, it will greatly benefit businesses and investors in the long run, reported KhaoSod.
Despite China’s economic slowdown, there has been a notable surge in Chinese firms’ investments in Thailand this year, offering a welcomed lift for Prime Minister Srettha Thavisin. Read more HERE.
