Bangkok: The Board of Investment (BOI) has given the green light to investments totaling 950 billion baht, with TikTok spearheading the initiative. The approval was made during a board meeting chaired by Deputy Prime Minister and Minister of Finance, Mr. Ekniti Nitithanprapas, highlighting the strategic importance of Thailand as a regional business base. According to Thai News Agency, TikTok Systems (Thailand) Co., Ltd. is making a significant investment of 842,350 million baht, establishing a presence in Bangkok, Samut Prakan, and Chachoengsao. This development aims to expand the installation of additional servers, positioning Thailand as a strategic hub for data storage and processing. The company's project will also foster digital literacy and e-commerce training in the region. The BOI also approved other major projects, including a facility by Skyline Data Center and Cloud Services Co., Ltd., a subsidiary of the DAMAC Group from the United Arab Emirates, worth 46,869 million baht. This facility in Chach oengsao province is designed to support an IT load of 200 megawatts. Additionally, Bridge Data Center IIO (Thailand) Co., Ltd. will invest 24,619 million baht in Chonburi province to support an IT load of 134 megawatts. Other approved projects include Pure Cycle (Thailand) Co., Ltd.'s recycled plastic pellet production business in Rayong province, with an investment of 8,180 million baht, Dan Khun Thod Wind One Co., Ltd.'s wind power generation project in Nakhon Ratchasima province, valued at 4,728 million baht, and ASEAN Potash Chaiyaphum Public Company Limited's potassium chloride production business in Chaiyaphum province, with an investment of 31,422 million baht. The BOI further approved nine additional projects for the Thailand FastPass system, aimed at accelerating investment processes. These projects, totaling 52,104 million baht, will receive expedited approval from relevant agencies, facilitating rapid investment. The meeting also addressed the development of electricity infrastructure and clean energy mechanisms in collaboration with the Ministry of Energy. This includes urgent electricity supply measures and the announcement of the Power Development Plan (PDP) to support new energy technologies. The BOI aims to coordinate with agencies to revise regulations hindering clean energy investment, such as relaxing electricity generation license requirements for solar rooftops by foreign operators. The initiative underscores Thailand's potential to become a regional tech hub amidst a volatile global situation. The BOI emphasizes the development of a robust ecosystem to support long-term investment, focusing on infrastructure, clean energy, and supply chains for new industries.
Menu