In the vibrant heart of Southeast Asia, an alliance has been forged to bolster Thailand’s reputation as an investment oasis. With the flourish of pens and exchange of handshakes, Mr. Sam Cheong, the astute Managing Director and Head of the Foreign Investment Advisory Unit at UOB; Mr. Tan Choon Hin, the illustrious President and CEO of UOB Thailand; alongside the avid visionary Mr. Narit Therdsteerasukdi, the Secretary-General of the Thailand Board of Investment (BOI); and the strategic architect Miss Patcharada Nawakawongkarn, Director of Thailand Enterprise Development Division (BOI), convened for a momentous MOU signing ceremony. The stage was set to herald a new era of economic dynamism as UOB Thailand and BOI clasped hands to champion new investments in Thailand and parade UOB’s key markets onto the world stage.
The crisp morning of January 11, 2024, bore witness to a pioneering Memorandum of Understanding (MOU) between the Thailand Board of Investment (BOI) and UOB Thailand, symbolizing a union of mutual ambition. This document, embossed with the dreams of countless entrepreneurs, envisages a collaboration set to revolutionize the investment landscape. The MOU cements an alliance designed to usher in waves of business cooperation and unfurl the red carpet for new investment ventures eager to make Thailand their home and to joyously springboard from UOB’s influential markets.
This strategic partnership will empower BOI and UOB to dance in synchrony, with the bank’s reputation as a giant in Asian finance. Together, they aim to cultivate fertile grounds for foreign direct investments in Thailand and provide a nurturing environment for Thai corporations aspiring to bloom across borders. This agreement promises to transcend Thailand’s economy and industrial bonds, intertwining the fortitudes of both entities into an unbreakable lifeline for economic prosperity.
Mr. Narit Therdsteerasukdi, with an orator’s cadence, declared, “With this MOU, we’re gearing up to propel foreign direct investment into Thailand and throughout the vibrant ASEAN landscape. We’re levelling up from mere ‘Promoters’ to ‘Integrators,’ ‘Facilitators,’ and ‘Connectors’ of economic progress. Behold our collaborations with esteemed investors like Great Wall Motor and BYD, that have woven their success stories with UOB and BOI.” He painted a future bright with the colors of ambitious flagship projects dotting the Thai investment horizon.
The MOU breathes life into the synergy between UOB’s Foreign Direct Investment Advisory Unit (FDI Advisory Unit) in Bangkok and the BOI. This pact will serve as a conduit for businesses, navigating them through investment waters towards the shores of Thailand and beyond. Companies can now bask in the warmth of UOB’s custom-tailored financial solutions, and through the bank’s extensive network, engage with a tapestry of government agencies, trade champions, and professional service maestros sprawled across the Asian continent. UOB, teeming with explorative zest, will join hands with BOI in myriad investment promotion escapades: from business matching carnivals to trade spectacles and enlightening seminars aimed at casting the spotlight on the tantalizing investment prospects of Thailand.
Thailand, the ASEAN region’s resplendent second-largest economy, continues its triumphant march, magnetizing Foreign Direct Investment (FDI) from titans such as Greater China and Singapore. Yet, the tempest of global uncertainty and the chess game of multilateral trade demands that Thailand and its regional brethren scout for fresh avenues of expansion within ASEAN’s embrace. Mr. Narit discerned a tapestry of opportunities across nascent countries, marketplaces brimming with potential supply chains eagerly awaiting integration. Committing to global outreach, BOI has unfurled its banners within 16 international offices and eyes the fertile investment terrains of Riyadh and Chongqing to anchor new flags of Thai economic aspiration.
Whispers of the UOB Business Outlook Study 2023 sing a tale of 83 percent of businesses pulsating with the desire to voyage overseas. Indonesian, Chinese, Thai, and Vietnamese companies echo this ambition, with Thai enterprises particularly keen on weaving their saga into the fabrics of Singapore, Vietnam, Malaysia, and mainland China.
Mr. Tan Choon Hin, with a visionary gleam, asserted, “Thailand’s magnetism as a hub for FDI is unwavering, with its intricate industrial labyrinths, supply chain mastery, and potential for boundless growth. UOB, with its pan-Asian FDI expertise and units across the continent, stands as the quintessential bridge for global and Asian companies aiming to diversify or root their legacies in Thailand. We’re excited to synergize with BOI, propelling the nation’s evolution into the ‘New Economy’ and fostering an FDI renaissance.”
UOB’s FDI Advisory Unit, since its inception in 2011, has been the guiding star for over 4,200 foreign enterprises embarking on cross-border conquests. Helping navigate more than 370 companies to Thai shores, UOB’s FDI has sowed over US$1.6 billion in projected investments and cultivated over 18,000 job oases since 2019. For outbound ventures, the bank has championed over 210 Thai companies in their journey across ASEAN, with Singapore, Malaysia, and Vietnam as their chosen realms of opportunity.
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