Thailand’s Prime Minister, Srettha Thavisin, announced on Sunday that the country is poised to receive investments totaling a minimum of $5 billion from tech giants Tesla (NASDAQ:TSLA), Google (NASDAQ:GOOGL), and Microsoft (NASDAQ:MSFT).
Prime Minister Thavisin stated, “Tesla is exploring the establishment of an electric vehicle (EV) manufacturing facility, while Microsoft and Google are evaluating the construction of data centers.” However, he did not specify whether the $5 billion investment would be a combined effort or individual contributions from each company.
As of the time of reporting, Tesla, Google, and Microsoft have not issued official responses to queries seeking confirmation or clarification on this matter.
Prime Minister Thavisin made these remarks while addressing reporters in Bangkok, following his participation in the U.N. General Assembly held in New York. During his visit to the United States, he engaged in discussions with senior executives from these tech companies.
The influx of fresh foreign investment holds the potential to invigorate Thailand’s economy, which is currently facing challenges, with an anticipated growth rate of 2.8% for the year. This projection is lower than initially estimated, mainly attributed to weakened export activities.
Prime Minister Thavisin disclosed that he had recent discussions with Tesla CEO Elon Musk concerning developments in the electric vehicle sector.
Thailand, known as Asia’s fourth-largest automobile assembly hub, has been actively offering incentives to attract EV and battery manufacturers. The government has also implemented tax reductions for domestic EV purchasers to solidify its position as a pivotal automotive center within the region.
