Thailand’s Commerce Minister Pichai Naripthaphan met with Japanese business leaders on November 1 to encourage increased investment in advanced technology sectors, aiming to restore Japan’s position as Thailand’s primary foreign investor.
In his first meeting since taking office, Pichai held discussions with Keita Ishii, president of the Japan Chamber of Commerce and Industry (JCCI), alongside executives from major Japanese firms including Itochu Cooperation, Kawasaki Heavy Industries (Thailand), Sumitomo Corporation Thailand, Knowledge Creation Technology, Japan Airlines and Toyota Tsusho (Thailand).
The minister emphasised the longstanding economic partnership between the two nations, noting that Japanese investment currently represents a quarter of all foreign investment in Thailand.
Pichai specifically called for increased Japanese involvement in modern industrial supply chains, particularly in printed circuit boards (PCBs), semiconductor manufacturing, and digital artificial intelligence sectors.
“The government stands ready to support Japanese investment, given Thailand’s capability to manufacture advanced technology components.”
He also highlighted Thailand’s potential as a food security hub, offering to serve as a warehouse and export centre for countries including Japan.
The Japanese business leaders expressed interest in expanding their investments beyond these sectors into areas such as hydrogen technology, green energy, and service industries. The meeting underscored the robust trade relationship between the two countries, which reached US$55.8 billion (1.8 trillion baht) in 2023.
Thai exports to Japan, including automobiles, electronic components, processed chicken, machinery and circuit boards, totalled US$24.6 billion, while imports from Japan amounted to US$31.1 billion, reported Bangkok Post.
In similar news, Thailand aims to bolster its standing in the regional semiconductor industry, with significant efforts underway to prepare a skilled workforce for escalating demands.
In other news, in a bold move to bolster foreign investment, Thailand is set to revolutionise its land lease policies by extending terms to an impressive 99 years.
This game-changing proposal was unveiled by Deputy Prime Minister and Finance Minister Pichai Chunhavajira at the glitzy CEO Econmas Awards 2024, marking a monumental shift for international investors eyeing long-term opportunities in the Land of Smiles. It’s a move that aligns with Thailand’s ambitious 2025 strategic vision, focusing on unlocking opportunities while grappling with challenges and future growth.
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