Thai government courts BlackRock for BGC investment
The Thai government recently initiated discussions with New York-based BlackRock Inc., the globe’s most prominent asset management firm, aiming to draw investments for Thailand’s Bio-Circular-Green (BCG) business sector.
In a significant move, this conversation placed a spotlight on Thailand’s commitment to sustainable economic growth, aligning with global green trends.
Chai Watcharong, the government spokesperson, disclosed that the dialogue between Prime Minister Srettha Thavisin and BlackRock’s top executives centred on channelling investments into the Thai BCG sector. This sector currently boasts a value of 3.4 trillion baht (US$94 billion) and projections suggest that it could escalate to over 4.4 trillion baht in the next five years.
BlackRock’s portfolio, which manages assets to the tune of 340 trillion baht, underscored a clear strategy of endorsing sustainable investments. The asset management giant has expressed robust interest in investing in not just large corporations but also small to medium-sized businesses in Southeast Asia, with a specific focus on Thailand.
The potential investment surge is predicted to generate a significant number of well-paid jobs, estimated between 100,000 and 1 million roles. Beyond job creation, such business expansion is likely to result in an annual waste reduction of 10 million tonnes.
With more than 100 companies in Thailand presently active in the BCG sector, BlackRock’s anticipated investment is expected to trigger expansion, and job creation, and further propel the country’s economy. This investment from BlackRock, set to materialise next year, will solidify the promising nature of Thailand’s BCG business landscape.
A government spokesperson said the potential influx of investment from BlackRock is expected to create a significant number of high-paying jobs, ranging from 100,000 to 1 million positions. Moreover, such business growth is likely to lead to an annual reduction of 10 million tonnes of waste.
Chai further commented on the impact of BlackRock’s potential investment that with over 100 companies in Thailand currently operating in the BCG sector, the anticipated investment from BlackRock would catalyze expansion, and job creation, and further drive the nation’s economy.
The investment from BlackRock is expected to materialise next year, reaffirming the lucrative nature of Thailand’s BCG business landscape. It’s clear that the Thai government’s recent move to engage in talks with BlackRock Inc. represents a significant stride towards sustainable economic progress and aligns with global trends for sustainability.
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