Thailand Expects Tesla, Google, Microsoft to Invest US$5 Billion
Updated: Jan 9, 2024
Thailand's Prime Minister, Srettha Thavisin, has announced that the country is anticipating investments of at least US$5 billion from Tesla, Google and Microsoft.
Speaking to reporters in Bangkok after attending the U.N. General Assembly in New York, Prime Minister Srettha revealed that Tesla is considering establishing an electric vehicle (EV) manufacturing facility, while Google and Microsoft are exploring the possibility of setting up data centers in Thailand.
The Prime Minister did not specify whether the $5 billion investment would be a combined effort or if each company would be making individual investments. Requests for comments from Tesla, Google and Microsoft have not been immediately responded to.
Thailand, known as Asia's fourth-largest automobile assembly hub, has been actively offering incentives to EV and battery manufacturers, as well as tax cuts to local EV buyers, in order to maintain its position as a regional automotive center. The country's economy has been struggling, with weaker exports leading to a lower projected growth rate of 2.8% for this year.
Foreign investments from these tech giants would provide a much-needed boost to Thailand's economy. The investments are expected to contribute to job creation, technological advancements and the overall development of the country's EV and data center sectors.
Thailand's Prime Minister expects investments of $5 billion from Tesla, Google and Microsoft.
Tesla is considering establishing an EV manufacturing facility, while Google and Microsoft are exploring data center opportunities.
The US$5 billion investment is expected to contribute to Thailand's economy and the development of the EV and data center sectors.
Thailand has been offering incentives to EV and battery manufacturers to maintain its position as a regional automotive center.
Source: REUTERS