Thailand’s Prime Minister, Srettha Thavisin, announced on Sunday that the country anticipates receiving a substantial investment of at least $5 billion from tech giants Tesla, Google, and Microsoft. The investments are expected to contribute to Thailand’s economic growth and development.
Prime Minister Thavisin stated that Tesla is exploring the possibility of establishing an electric vehicle (EV) manufacturing facility in Thailand. Meanwhile, both Microsoft and Google are considering the establishment of data centers in the country. However, it was not clarified whether the $5 billion investment is expected to be a combined effort among the three companies or if each company plans to invest individually.
As of now, there has been no immediate response from Tesla, Google, or Microsoft regarding these potential investments.
The announcement came during a press conference in Bangkok, where Prime Minister Thavisin addressed reporters after attending the U.N. General Assembly in New York. During his visit to the United States, he held discussions with top executives from these tech companies.
The prospect of fresh foreign investment represents a significant opportunity for Thailand, especially given its economic outlook. The country’s economy is projected to grow by 2.8% this year, which is lower than previously forecasted due to a decrease in exports.
Prime Minister Thavisin disclosed that he had engaged in talks with Tesla’s CEO, Elon Musk, last week, primarily focusing on the electric vehicle sector. Thailand, recognized as Asia’s fourth-largest automobile assembly hub, has been actively encouraging incentives for EV and battery manufacturers, as well as providing tax cuts for local EV buyers, in its bid to solidify its position as a key regional automotive center.
The potential investments from these tech giants signify a vote of confidence in Thailand’s economic potential and its efforts to diversify and bolster its technology and manufacturing sectors. They also align with global trends towards cleaner and more sustainable transportation solutions and data infrastructure, demonstrating Thailand’s commitment to adapting to evolving industry demands.