Latest news with #Narit
Business Times
08-05-2025
- Business
- Business Times
Thailand braces for ‘temporary' investment freeze as US tariffs remain uncertain
[BANGKOK] Thailand may see a slowdown in new foreign direct investments due to global trade uncertainties, while the South-east Asian country seeks to negotiate with Washington to soften the blow from the threat of a 36 per cent tariff. New foreign investment applications could be frozen temporarily, at least while the tariff situation remains unclear during US President Donald Trump's 90-day pause on higher tariffs, according to Narit Therdsteerasukdi, secretary-general of the Board of Investment. Some companies that have already pledged investments in Thailand may also wait out the uncertainties before going ahead, he said. 'The slowdown could probably happen temporarily in the short term,' Narit told reporters late on Wednesday (May 7). 'Some investment projects that export mainly to the US, they may wait and see. It's a normal situation under uncertainties.' Such a scenario may be a damper to Thailand's investment boom over recent months, with applications soaring to a 10-year high of 1.14 trillion baht (S$45 billion) in 2024. Applications nearly doubled to 431 billion baht in the first quarter of 2025 compared to a year earlier, boosted by foreign pledges in digital infrastructure and data centres, the Board of Investment reported last week. Still, Narit said he was not too concerned as Thailand has 'good momentum' and investment pledges this year are expected to ultimately top last year's. Most companies believe in Thailand's long-term potential to play a bigger role in the global supply chain, and many foreign companies whose businesses focus on the domestic Thai market or export to countries other than the US will have 'no reason to stop' their investments in the South-east Asian country, he said. The Thai government is still seeking to lock down talks with US authorities, after it said an initial appointment slated for late April was deferred pending a thorough review of some key issues. Thailand has since pledged to liaise with the US Customs and Border Protection to set new guidelines and monitor any false claims of origin by firms exporting goods out of the country. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Bangkok has also indicated a willingness to reduce a US$46 billion trade gap with the US, its largest export market last year, by importing more American natural gas and farm commodities including corn and soybean meal. It's also encouraging Thai firms to invest more in the US to help ward off Trump's planned tariffs. A delegation consisting of big Thai corporations and business groups will attend the annual Select USA Investment Summit in Maryland next week, Narit said. Narit himself had just returned from a roadshow in Seattle and Washington DC, where he met with US technology companies and industry groups. Thailand is still seen as a strategic hub for supply chain diversification and the companies remain confident and interested in investing in the country, he said. 'The Thai government is now working hard to prepare the position and proposal for the discussion with the US administration. And I hope that the result will be favourable for the investors,' Narit said. 'We don't need to rush or to go first. We are waiting for the right timing.' BLOOMBERG
New Straits Times
30-04-2025
- Business
- New Straits Times
Thailand's Q1 investment applications surge 97pct to over RM55bil
BANGKOK: Thailand attracted investment applications worth 431.20 billion baht (RM55.60 billion) in the first quarter (1Q) of 2025, up by 97 per cent compared to the same period in 2024, according to the Thailand Board of Investment (BOI). BOI secretary-general Narit Therdsteerasukdi attributed the increase to large infrastructure projects, including a fivefold surge in applications in the digital sector, driven primarily by foreign investments in data centres. "The data for the first three months of 2025 further confirms the trend observed last year when data centres and digital services became, for the first time, the top-ranked sector in terms of investment value," he said in a statement today. Narit noted that domestic and foreign investors submitted a total of 822 project applications during the January–March period, marking a 20 per cent increase from 1Q 2024. Of these, 618 applications were from foreign investors. "This underscores the increased focus by both foreign and local companies on high-tech investments in Thailand, aligning with our five-year strategy. It also reflects investors' confidence in Thailand's long-term economic potential despite current global uncertainties," he said. According to BOI records, foreign direct investment (FDI) applications during the January–March period amounted to 267.70 billion baht (RM34.50 billion), representing a 62 per cent jump from a year earlier. The BOI said Hong Kong-based companies topped the FDI rankings for the quarter, with a combined investment value of 135.16 billion baht (RM17.40 billion) or half of all FDI pledges during the period, including 72.70 billion baht (RM9.30 billion) in the digital sector alone. China ranked second with 47.30 billion baht (RM6.10 billion), primarily investments in the metal, electronics, and automotive industries. Singapore followed with 38.10 billion baht (RM4.90 billion), focused on projects in the electrical and electronics (E&E) and digital sectors. The agency added that Japan ranked fourth, with 25.10 billion baht (RM3.20 billion) largely invested in the E&E and automotive sectors, while Taiwan-based companies came in fifth with 4.76 billion baht (RM614.00 million), primarily in the E&E and automotive parts sectors. Last year, Thailand's total investment promotion applications rose by 35 per cent in value to a 10-year high of 1.14 trillion baht (RM147.10 billion). The digital sector, which includes data centres and cloud services, topped the sectoral rankings in 2024 for the first time, with a combined pledged investment of 243.30 billion baht (RM31.40 billion). The E&E sector followed closely with 231.70 billion baht (RM67.20 billion). — BERNAMA
Yahoo
08-02-2025
- Business
- Yahoo
Thailand lobbies for chip investments as Trump's trade war with China kicks off
By Devjyot Ghoshal and Chayut Setboonsarng BANGKOK (Reuters) - Thailand aims to have an initial draft of a strategic plan for its semiconductor sector ready in the next 90 days, keen to attract fresh investment amid U.S. President Donald Trump's renewed trade war with China. The country's national semiconductor board will be hiring a consultancy to develop an industry roadmap, Narit Therdsteerasukdi, the secretary-general of the Thailand Board of Investment (BOI) told Reuters. Narit, who reports to the premier, is also working on roadshows to the United States and Japan to drum up semiconductor investments in Thailand. The global semiconductor industry has been roiled in recent years as the U.S. and China compete for tech supremacy. Some supply chains have shifted to Southeast Asia and further turmoil is likely in Trump's second term. Over the weekend, he announced a 10% tariff on Chinese imports as part of a broad plan to improve the U.S. trade balance. Thailand, Southeast Asia's second-largest economy after Indonesia, saw a 35% jump in the value of inbound investment applications last year to a decade-high of 1.14 trillion baht ($33.5 billion). "I expect the value of total applications (this year) to be more than last year's figure, driven by investment in the electronics and digital sectors," Narit said. Thailand ranks second behind India in an analysis of top emerging economies for semiconductor manufacturing, according to a 2024 report by consulting firm Kearney. It is targeting around 500 billion baht in new investments in semiconductors by 2029. "We focus on the power electronics (segment). For example, the semiconductor used in the electric vehicle, data centre or energy storage system," said Narit. "We think that this is our strength." Companies with chip-related facilities in Thailand include Massachusetts-based Analog Devices, Japan's Sony and Toshiba. German chipmaker Infineon and a subsidiary of Taiwan's Foxsemicon Integrated Technology have also announced new projects. Investments in manufacturing printed circuit board, an important component for electrical devices that are used in everything from smartphones to EVs, have also risen rapidly since 2023 in Thailand, according to the BOI. "The main reason is the trade war," Narit said, "One of the reasons that investors choose Thailand as their location is our position as a neutral country." Thailand faces much competition from Malaysia, which accounts for 13% of global chip testing and packaging and is targeting over $100 billion in investment for the sector. ($1 = 34.0300 baht) (This story has been corrected to fix the name of the consulting firm to Kearney, not A.T. Kearney, in paragraph 7) Sign in to access your portfolio
Yahoo
07-02-2025
- Business
- Yahoo
Thailand lobbies for chip investments as Trump's trade war with China kicks off
By Devjyot Ghoshal and Chayut Setboonsarng BANGKOK (Reuters) - Thailand aims to have an initial draft of a strategic plan for its semiconductor sector ready in the next 90 days, keen to attract fresh investment amid U.S. President Donald Trump's renewed trade war with China. The country's national semiconductor board will be hiring a consultancy to develop an industry roadmap, Narit Therdsteerasukdi, the secretary-general of the Thailand Board of Investment (BOI) told Reuters. See for yourself — The Yodel is the go-to source for daily news, entertainment and feel-good stories. By signing up, you agree to our Terms and Privacy Policy. Narit, who reports to the premier, is also working on roadshows to the United States and Japan to drum up semiconductor investments in Thailand. The global semiconductor industry has been roiled in recent years as the U.S. and China compete for tech supremacy. Some supply chains have shifted to Southeast Asia and further turmoil is likely in Trump's second term. Over the weekend, he announced a 10% tariff on Chinese imports as part of a broad plan to improve the U.S. trade balance. Thailand, Southeast Asia's second-largest economy after Indonesia, saw a 35% jump in the value of inbound investment applications last year to a decade-high of 1.14 trillion baht ($33.5 billion). "I expect the value of total applications (this year) to be more than last year's figure, driven by investment in the electronics and digital sectors," Narit said. Thailand ranks second behind India in an analysis of top emerging economies for semiconductor manufacturing, according to a 2024 report by consulting firm Kearney. It is targeting around 500 billion baht in new investments in semiconductors by 2029. "We focus on the power electronics (segment). For example, the semiconductor used in the electric vehicle, data centre or energy storage system," said Narit. "We think that this is our strength." Companies with chip-related facilities in Thailand include Massachusetts-based Analog Devices, Japan's Sony and Toshiba. German chipmaker Infineon and a subsidiary of Taiwan's Foxsemicon Integrated Technology have also announced new projects. Investments in manufacturing printed circuit board, an important component for electrical devices that are used in everything from smartphones to EVs, have also risen rapidly since 2023 in Thailand, according to the BOI. "The main reason is the trade war," Narit said, "One of the reasons that investors choose Thailand as their location is our position as a neutral country." Thailand faces much competition from Malaysia, which accounts for 13% of global chip testing and packaging and is targeting over $100 billion in investment for the sector. ($1 = 34.0300 baht) (This story has been corrected to fix the name of the consulting firm to Kearney, not A.T. Kearney, in paragraph 7)
Yahoo
07-02-2025
- Business
- Yahoo
Thailand lobbies for chip investments as Trump's trade war with China kicks off
By Devjyot Ghoshal and Chayut Setboonsarng BANGKOK (Reuters) - Thailand aims to have an initial draft of a strategic plan for its semiconductor sector ready in the next 90 days, keen to attract fresh investment amid U.S. President Donald Trump's renewed trade war with China. The country's national semiconductor board will be hiring a consultancy to develop an industry roadmap, Narit Therdsteerasukdi, the secretary-general of the Thailand Board of Investment (BOI) told Reuters. Narit, who reports to the premier, is also working on roadshows to the United States and Japan to drum up semiconductor investments in Thailand. The global semiconductor industry has been roiled in recent years as the U.S. and China compete for tech supremacy. Some supply chains have shifted to Southeast Asia and further turmoil is likely in Trump's second term. Over the weekend, he announced a 10% tariff on Chinese imports as part of a broad plan to improve the U.S. trade balance. Thailand, Southeast Asia's second-largest economy after Indonesia, saw a 35% jump in the value of inbound investment applications last year to a decade-high of 1.14 trillion baht ($33.5 billion). "I expect the value of total applications (this year) to be more than last year's figure, driven by investment in the electronics and digital sectors," Narit said. Thailand ranks second behind India in an analysis of top emerging economies for semiconductor manufacturing, according to a 2024 report by consulting firm Kearney. It is targeting around 500 billion baht in new investments in semiconductors by 2029. "We focus on the power electronics (segment). For example, the semiconductor used in the electric vehicle, data centre or energy storage system," said Narit. "We think that this is our strength." Companies with chip-related facilities in Thailand include Massachusetts-based Analog Devices, Japan's Sony and Toshiba. German chipmaker Infineon and a subsidiary of Taiwan's Foxsemicon Integrated Technology have also announced new projects. Investments in manufacturing printed circuit board, an important component for electrical devices that are used in everything from smartphones to EVs, have also risen rapidly since 2023 in Thailand, according to the BOI. "The main reason is the trade war," Narit said, "One of the reasons that investors choose Thailand as their location is our position as a neutral country." Thailand faces much competition from Malaysia, which accounts for 13% of global chip testing and packaging and is targeting over $100 billion in investment for the sector. ($1 = 34.0300 baht) (This story has been corrected to fix the name of the consulting firm to Kearney, not A.T. Kearney, in paragraph 7)
