Stirring with anticipations and possibilities, Thailand is on the Czech Republic’s investment radar, specifically for the automotive and medical sectors. This bubbling interest was brought to light by none other than the Thai Trade Representative – Nalinnee Taveesin. It seems the Czech Republic is prepared to delve into an economic alliance with Thailand, particularly in latter’s burgeoning automotive sector.
The Czechs are poised to pique the interest of their automotive cohorts, encouraging them to plant investment seeds, encourage technology growth, and shape production strongholds within Thailand’s industrial landscapes. Skoda Group, a Volkswagen Group affiliate and a known manufacturer of EV vehicles and related paraphernalia, has displayed keenness in this regard. It is a course of action that harmonizes perfectly with Thailand’s promotional strategic moves regarding electric vehicle production.
Riding high on its reputation for prowess in defence product production, robust cybersecurity, and crafting top-notch medical equipment, the Czech Republic is in the throes of pushing its medical companies to invest in Thailand. The Land of Smiles, a significant trading partner for the Czech Republic, offers enticing advantages through the Board of Investment (BOI) and the Eastern Economic Corridor (EEC) for foreign firms willing to invest. Laid plans by Thai authorities to transform their nation into the “World’s Wellness Capital” is an open invitation for Czech medical companies to invest and collaborate in Thailand, thereby raising the bar of the Thai labour standard.
This ensuing partnership is not one-sided, though. Thai companies like Indorama Ventures have also extended their industrial footprints in the Czech Republic, laying foundations for tire reinforcement material manufacturing units. This flow of investments testifies to and enriches deep-rooted diplomatic ties between the two nations, a relationship that will celebrate its 50th golden year this year. This jubilant occasion would provide an opportune platform for higher-level executives from both sides to engage in dialogues and deploy progressive strategies.
Both nations are in consensus about the crucial role of Thai-European Union FTA in easing trade and product movement, making it a boon for businesses. Thailand, considering the agreement’s high standards, has requested the Czech Republic to bolster the negotiations, ensuring its completion as planned. In the beginning, the initial transition might require adjustments, but once stability establishes, the agreement is expected to enhance the business landscape and investor scenario, as stated by ‘KhaoSod’.
Interestingly, it is not just European nations keen to stake an investment claim in Thailand. Despite its economic slowdown, China, yet another powerhouse, has demonstrated a vigorous surge in its firm’s investment activities in Thailand this year. It is an encouraging boost for Prime Minister Srettha Thavisin, who welcomes these initiatives with open arms. Read more HERE.