A spate of economic reforms and infrastructure projects are being rolled out under ‘Thailand 4.0’, a large-scale government strategy that aims to elevate the country’s development model.
Mega projects within the strategy include a submarine cable network that connects Thailand, Hong Kong and China, an electric rail system in Bangkok, and the expansion of major airports including Suvarnabhumi Airport, Don Mueang International Airport and Chiang Mai International Airport.
News of projects in the pipeline has sparked interest from foreign players in the region including India and Japan.
Where investors are eager to tap into opportunities, the MICE industry will undoubtedly flourish from this uptick of activity. Thailand Convention and Exhibition Bureau (TCEB) anticipates the growth of business events and expects newfound interest in areas outside of Bangkok including Hua Hin and Pattaya.
Plans are underway to grow Pattaya as a MICE destination.
Thailand 4.0 is an economic model that aims to unlock the country from several economic challenges resulting from past economic development models which place emphasis on agriculture (Thailand 1.0), light industry (Thailand 2.0), and advanced industry (Thailand 3.0).
“By enhancing MICE as a driving force behind the economic growth, we connect the international business community including Thailand 4.0-targeted industrial segments through diverse strategic approaches,” said Supawan Teerarat, vice president of TCEB’s strategic and business development.
The Thai government is also developing new growth hubs to support Thailand 4.0 by starting with the Eastern Economic Corridor (EEC) which covers Rayong, Chonburi, and Chachoengsao provinces, with a total area of 13,000 square kilometers.
Thailand aims to push its games and content industry
After almost a year under the pandemic, the number of game players in Thailand rose to 32 million and helped the market generate over a billion dollars in 2020, according to NewZoo, an international analytics and market research group.
Thailand’s H1 Investment Applications rise 158% in combined value, BOI says
Japanese firms ranked first with 87 projects worth 42.8 billion baht, followed by investments from the U.S. with 18 projects worth 24.1 billion baht, and China with 63 projects worth 18.6 billion baht.
In the first six months of 2021, Thailand’s investment applications increased 14% from the year earlier period in terms of the number of projects, and 158% in combined value, led by increasing foreign direct investment (FDI) applications, sustained growth in target industries including the electronics and medical sectors, as well as in power generation, the Thailand Board of Investment (BOI) said.(more…)
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