Thai BOI reveals game-changing green plan with 150 billion baht EV investment

The Board of Investment (BOI) of Thailand has declared its strategic vision for the next four years, placing a robust emphasis on the burgeoning sectors of bio, circular, and green (BCG) industries.

Speaking passionately at the Go Thailand: Green Economy-Land Bridge forum in Bangkok, BOI secretary-general Narit Therdsteerasukdi highlighted the global trend towards sustainability in business operations.

“From BOI’s roadshow activities overseas, we have found that foreign investors prioritise the reduction of greenhouse gases and the use of clean energy in their operations.”

Narit outlined the pivotal role external factors such as climate change, geopolitical conflicts, technological advancements, demographic shifts, and evolving national tax policies would play in shaping investment landscapes over the next half-decade.

The BOI envisions a radical transformation by ramping up BCG investments from the current 21% to an ambitious 24% by 2027. If successful, this move is projected to catapult Thailand’s gross domestic product (GDP) from 3.4 to a staggering 4.4 trillion baht, solidifying Thailand as the BCG hub in the ASEAN region.

In a riveting revelation, Narit disclosed that seven major Japanese automakers, including industry giants Toyota, Mitsubishi, Honda, Isuzu, Suzuki, Nissan, and Mazda, have presented investment proposals totalling a colossal 150 billion baht over the next five years. The primary focus of these investments revolves around transitioning towards electric vehicle (EV) manufacturing.

These revelations emerged following a high-profile business discussion between the Japanese automakers and Prime Minister and Finance Minister Srettha Thavisin during his recent visit to Tokyo for the Japan-ASEAN 50th Anniversary Summit. The dialogue was part of the Thailand-Japan Investment Forum hosted by the BOI in Tokyo, attended by over 500 Japanese business leaders, reported The Nation.

Narit further disclosed that the remaining trio of Japanese companies, namely Panasonic, Kubota, and Mitsui, while not directly engaged in automotive manufacturing, have expressed keen interest in BCG-related fields. Their investment plans include ventures into battery manufacturing, agricultural machinery, and sustainable aviation fuel, propelling Thailand into the forefront of cutting-edge green technologies.