Thailand Approves Semiconductor Strategy to Attract 500 Billion Baht
Thailand’s New Semiconductor Board approves framework of National Strategy and Skilled Workforce Development to prepare for 500 Billion Baht expected foreign investment wave.
November 4, 2024 - Thailand’s newly appointed National Semiconductor and Advanced Electronics Policy Committee (Semiconductor Board), chaired by Prime Minister Paetongtarn Shinawatra, today approved the framework for Thailand’s National Semiconductor Strategy, as well as a strategy for the development of a skilled workforce to prepare for a new wave of foreign direct investments (FDI) in the sector that could bring at least 500 billion baht (ca. US$ 15 billion) into the country by 2029 as per the Government’s target.
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“We have had promising meetings with many key investors in the sector and we are preparing the ecosystem to ensure that Thailand is ready to welcome their investments,” Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), who is also the secretary of the Semiconductor Board, told reporters at a press conference held after the Board meeting at Government House in Bangkok.
The approved strategy to develop a skilled workforce covers the training, up-skilling, and re-skilling of a total of over 86,000 people to prepare for the sector’s demand, including 1,400 master degree and PhD level researchers, through a talent development scheme.
The BOI will work with a leading global consulting firm to conduct a detailed study to develop the National Semiconductor and Advanced Electronics Strategy according to the approved framework.
Applications for investment promotion in Thailand in the first nine months of 2024 increased 42% year-on-year in value to a combined 722.5 billion baht, the highest level since 2015, led by a significant afflux of FDI in large projects in target sectors including the electrical appliances and electronics (E&E), and data centers. During the period, the E&E sector led with 291 projects worth a combined 183.4 billion baht. Several printed circuit board (PCB) applications were also filed this year.
