Bangkok: The Board of Investment (BOI) is working alongside the Federation of Thai Industries (FTI) to expedite the "Made in Thailand" initiative, aiming to promote local content and enhance Thailand's supply chain.
According to Thai News Agency, this collaboration seeks to gather proposals from the industrial sector to develop mechanisms that drive Thai industry forward. The collaboration focuses on three main agendas: increasing local content in investment projects, fostering joint ventures and business matching, and preparing Thai entrepreneurs to compete in the evolving global trade landscape.
Mr. Narut Teodsathirasak, Secretary-General of the BOI, led a delegation of executives to engage in discussions with Mr. Kriengkrai Thianukul, President of the FTI, and other executives. The meeting aimed to exchange policy proposals from the industrial sector and address the practical challenges faced by Thai industries. The objective is to transform these proposals into effective measures that will help Thai entrepreneurs quickly adapt to current global economic conditions, including the Middle East conflict.
Mr. Narut emphasized the importance of strengthening Thai industries in a world where global supply chains are undergoing significant restructuring due to geopolitics, trade wars, and technological advancements. The BOI aims to create domestic value and connect foreign investors with Thai entrepreneurs, particularly SMEs, to upgrade production standards and technological capabilities. The collaboration between the BOI and FTI focuses on three key areas:
1. Promoting the "Made in Thailand" mechanism by increasing the use of domestic raw materials, components, and services from Thai entrepreneurs. The BOI will develop tools to incentivize local content usage, reduce import reliance, and strengthen supply chains. This includes promoting domestic components for the electric vehicle and electrical appliance industries.
2. Facilitating Thai-Foreign joint ventures and business matching to foster collaboration between foreign investors and Thai entrepreneurs. This will lead to technology transfer and human resource development, elevating Thai entrepreneurs to become leaders in target industries.
3. Enhancing the competitiveness of Thai entrepreneurs by supporting modern technology adoption, such as automation and AI. SMEs will receive tax and financial benefits from the BOI, along with loan support, making access to these measures easier through FTI branches nationwide.
Mr. Kriengkrai Thianukul emphasized the importance of clear, continuous, and swift government measures to enhance domestic value-added and promote joint ventures. He highlighted that these mechanisms are crucial for enhancing Thailand's manufacturing competitiveness.
The BOI and FTI's collaboration reflects proactive cooperation between government and industry to create domestic value and enhance the competitiveness of Thai industries in a rapidly changing global economy.