TikTok to invest $8.8 billion in Thailand over five years
TikTok plans to invest $8.8 billion in Thailand over the next five years, focusing on digital infrastructure, workforce development, and online safety initiatives, a senior executive said Friday after talks with the government.
The social media platform owned by China's ByteDance is the latest in a string of big tech names to announce major spending projects in the kingdom, after Amazon, Google, and Microsoft.
Helena Lersch, TikTok's vice president of public policy, met Thai Prime Minister Paetongtarn Shinawatra in Bangkok on Friday to discuss the expansion.
'We are here today to announce the $8.8 billion,' Lersch told the PM in public remarks at the start of their meeting.
Paetongtarn hailed the investment in Thailand's digital infrastructure and AI development as a major opportunity for the country.
The investment includes training programs for businesses and creators, anti-fraud campaigns, and a new data hosting service to enhance local cloud capabilities.
It is not clear whether the cash includes a $3.8 billion investment from TikTok approved by Thailand's Board of Investment in late January.
The Thai move comes as TikTok faces being banned in the United States over national security concerns about the data it gathers on users.
The popular video-sharing app briefly went dark on January 18 and disappeared from app stores, to the dismay of millions of users.
Thailand, Southeast Asia's second-biggest economy, has lagged Singapore and Indonesia in the tech sector, and the government has made a concerted push to attract US giants as it seeks to make up lost ground.
Governments across the region are vying for US tech dollars, with Vietnam making a major drive to move up the value chain from a hub for producing shoes, clothes, and furniture.
'The government is delighted that TikTok has chosen Thailand as a strategic investment partner for digital infrastructure, including a 300 billion baht ($8.8 billion) Data Hosting project,' Paetongtarn posted on X.
'All of this represents a crucial step toward positioning Thailand as a global hub for the digital industry.'
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