Business investment values safety and stability. Thailand’s Deputy Prime Minister: Talent skills must be improved

(Central News Agency reporter Li Zongxian, Bangkok, 14th) The global supply chain is reorganized, and corporate investment location selection is gradually shifting from cost and efficiency to safety and stability. Thailand's Deputy Prime Minister and Finance Minister Aniti said today that Thailand's actual investment volume increased by 28% year-on-year in the third quarter, reaching 260 billion baht; the government will further transform foreign investment into Thailand's economic development results through talent cultivation, localization of supply chains and industrial upgrading.

Ekniti Nitithanprapas attended the Business Partners Conference held by the Thailand Supply Chain Network (TSCN) today and delivered a speech on the theme of "Global Economic Changes and Sustainable Enterprise Development".

He pointed out that the global economy is facing geopolitical polarization. "Companies now choose production bases no longer just where they are cheapest and most efficient, but where they are stable and safe."

Aniti emphasized that Thailand maintains good relations with many countries and therefore has the opportunity to attract more investment in the process of restructuring the global supply chain.

Citing the latest data from the Thailand Board of Investment (BOI), he pointed out that Thailand's actual investment volume increased by 28% year-on-year in the third quarter, reaching 260 billion baht (approximately NT$252.2 billion), emphasizing that Thailand must seize this wave of investment opportunities to further increase the added value of domestic industries.

Aniti also said that attracting foreign investment cannot only depend on the amount of investment, but also requires companies to help cultivate Thai talents, introduce new technologies, and promote the development of local supply chains.

He took the automobile industry as an example. The government has reduced some automobile consumption taxes and required companies to use components made in Thailand. They cannot just import cars to Thailand for sale without creating substantial economic benefits for the local area.

In order to encourage car companies to invest in Thailand and promote local production of electric vehicles, Thailand will increase the consumption tax on imported electric vehicles from the current 10% to 35% starting next year. In addition, the government will also provide different goods tax rates based on the vehicle manufacturers' investment, production and use of local components in Thailand.

Aniti said that in addition to investing in setting up factories, companies should also encourage Thai supply chain operators to join the production system and further enhance the skills of Thai labor.

He pointed out that artificial intelligence (AI) is changing the way enterprises operate and produce, and whether they can make good use of AI will become an important difference in the competitiveness of enterprises. Thailand should also promote the improvement of talent skills so that more people and small and medium-sized enterprises can benefit from the development of new technologies.

Eniti emphasized that the government and private enterprises must cooperate to truly transform investment into job opportunities, talent development and industrial upgrading. "We want to make Thailand a better place. This cannot be done by me alone. It must be promoted by the government and private enterprises."