The Thailand Board of Investment (BOI) and UOB Thailand have recently signed a Memorandum of Understanding (MOU), solidifying their commitment to promote business cooperation and facilitate new investment opportunities into Thailand across UOB’s key markets.
The Thailand Board of Investment (BOI) and UOB Thailand have signed a Memorandum of Understanding (MOU) to promote new investment opportunities in Thailand and across UOB’s key markets. The partnership aims to facilitate foreign direct investment into Thailand and support Thai companies in expanding overseas.
Key Takeaways
- The MOU between BOI and UOB Thailand aims to promote new investment opportunities in Thailand and across UOB key markets, fostering greater economy and industrial linkage.
- UOB’s Foreign Direct Investment (FDI) Advisory unit has supported over 4,200 foreign companies with cross-border expansion and enabled more than US$1.6 billion of projected foreign direct investments into Thailand since 2019.
- Thailand remains an appealing destination for Foreign Direct Investment (FDI) due to its developed industrial infrastructures, supply chains, and long-term growth potential, with Singapore, Vietnam, and Malaysia being top destinations for Thai companies’ expansion.
The collaboration will leverage UOB’s financial solutions and regional networks to connect businesses with government agencies and professional service providers across Asia. Thailand remains an attractive destination for foreign direct investment, and the collaboration between BOI and UOB is expected to accelerate the country’s transition to the “New Economy” and facilitate rapid growth in FDIs across the region.
UOB’s Foreign Direct Investment Advisory unit has played a significant role in supporting cross-border expansion, helping foreign companies and Thai companies to venture abroad. The MOU also highlights the intention to establish new overseas offices in Singapore and Saudi Arabia to increase outreach capabilities.
Strengthening Business Ties
The MOU signifies a significant step in fostering foreign direct investment (FDI) into Thailand. By leveraging UOB’s expertise as one of Asia’s leading banks, the BOI aims to encourage more companies to invest in Thailand while also supporting Thai businesses in expanding overseas. This partnership extends beyond mere incentives; it positions the BOI as an integrator, facilitator, and connector for investors.
According to UOB Business Outlook Study 2023, 83 percent of businesses in this region are keen to expand overseas, and this desire is most pronounced in Indonesian, Chinese, Thai and Vietnamese companies. Thai businesses specifically have set their sights on Singapore, Vietnam, Malaysia, mainland China to expand investment.
Collaborative Efforts
Under the MOU, UOB’s Foreign Direct Investment Advisory Unit (FDI Advisory Unit) in Bangkok will work closely with the BOI. Together, they will assist businesses seeking to invest in Thailand and the broader region. Thai and foreign companies can benefit from UOB’s tailored financial solutions and tap into the bank’s extensive regional networks. These connections will help them engage with government agencies, trade associations, and professional service providers across Asia.
Promoting New Investment Opportunities
UOB will also explore potential collaborations with the BOI in investment promotion activities. These may include business matching fairs, trade exhibitions, and seminars aimed at attracting new investments into Thailand. As one of ASEAN’s largest economies, Thailand continues to attract significant Foreign Direct Investment (FDI), with major sources coming from Greater China and Singapore.
Since its establishment in 2011, UOB’s Foreign Direct Investment (FDI) Advisory unit has assisted over 4,200 foreign companies in their cross-border expansion. UOB FDI has facilitated the expansion of over 370 companies into Thailand, resulting in more than US$1.6 billion of projected foreign direct investments and over 18,000 job opportunities in Thailand since 2019. Additionally, the bank has aided over 210 Thai companies in expanding across ASEAN, with Singapore, Malaysia, and Vietnam being the top destinations for investment.
The Office of the Board of Investment is a government agency under the Office of the Prime Minister. Its core roles and responsibilities are to promote valuable investment, both investment into Thailand and Thai overseas investment.
