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Let's look at Thai Govt. initiative which they undertook back in the early 2000's to go from Thai 1.0 initiative (agri exports such as coconut juice, canned fruit, shrimp and fruit juice exports etc.), to Thai 2.0 initiative (light industry) and on to Thai 3.0 initiative (advanced industry). Now they also inaugurated Thai 4.0 initiative in 2016 - which is digital transformation to boost innovation and competitiveness for the nation. I don't believe we in Bangladesh have any such initiative formally - however the govt. has declared a few export-intensive sectors as thrust sectors such as light engg. and shipbuilding along with pharma, ceramics and IT exports.
Here are some elaborate explanations about Thailand from a few years ago.
Hitachi is involved in the Thai 4.0 initiative using IoT devices involvement
Thailand’s FDI applications up 69% in the first nine months of 2019
The total value of FDI applications received by the BOI in the nine months to September increased 69% from the year earlier period, to a total value of 203.37 billion baht, according to the latest data from the BOI
November 4, 2019
By Boris Sullivan
Thailand continued to attract rising foreign direct investment (FDI) in the first nine months of 2019, with increased number of investment project applications according to public agency Thailand Board of Investment (BOI).
Applications for investments in the targeted industries, led by electronics and electrical sector, digital sector and automotive sector, represented 131.78 billion baht, or 65 percent of the total.
The total value of FDI applications received by the BOI in the nine months to September increased 69% from the year earlier period, to a total value of 203.37 billion baht, according to the latest data from the BOI.
In terms of the source of the foreign direct investment applications, out of a total of 689 projects, Japanese companies, which have long been the largest source of Thailand’s FDIs, ranked first with applications for 167 projects worth 59.19 billion baht, followed by China, with 139 projects worth 45.44 billion baht, and Switzerland, with 15 projects worth 11.71 billion baht, BOI data showed.
“The data for the applications we received in those nine months confirms Thailand’s continued attractiveness as an investment destination, despite the fluctuations seen in the global economy,”
MS DUANGJAI ASAWACHINTACHIT, SECRETARY GENERAL OF THE BOI.
“With the recently-rolled out investment promotion privileges under the Thailand Plus Package aimed at investment acceleration and further measures to improve the country’s investment ecosystem and ease of doing business, we expect the growth momentum of FDI and overall investment in Thailand to continue to expand into 2020.”
Meanwhile the overall investment applications, including domestic investments, submitted to the BOI in the nine-month period amounted to 1,165 projects, an increase of 11% from the same period last year. About half of these applications or 585 are for projects in the targeted industries, including the digital sector, which came on top with 143 projects, followed by agriculture and food processing with 132 projects, and the electronics and electrical sector, which saw 103 projects.
Thailand seeming being in middle income traps but their nominal gdp per capita is reaching 7600 US dollar, almost at the same level of Turkey at 9600 us dollar. Thailand had long advantage as center of automotive production in ASEAN, one notch better than Indonesia, had many hardware for computer manufacturing facilities and their tourism industry attract more than 25 million foreign visitor annualy.
Most of ASEAN countries love to devalued their currency against US DOLLAR to giving edge in export sector and tourism industry, thats why the likes of Thailand, Malaysia and Indonesia seeming had low income but actually had the better standard of living compared to their peer, especially the likes in South America and South Asia.