Thailand has tried many ways to attract foreign investment, especially automobile in Thailand. This industry is growing well in Thailand, and recently the country plans to develop the electric vehicles sector. This sector is prospective to grow Thailand’s economy.
The market in Thailand is also competitive. The Thais are active with their private vehicles for daily mobilization. Recently, the country is also popular as a producer of auto parts among ASEAN countries. Here are the benefits to develop this industry in Thailand to look forward to.
The Investment Benefits of Automobile in Thailand
Since Thailand EV market share has a good prospect, the country has strong production, especially in the sector of electric vehicles. The competition is strong in ASEAN, but Thailand has the strongest among the countries. It has the largest number of auto-part supplies in ASEAN.
Thailand is also populous as a country that produces a lot of automobile brands, later they export the output to other countries. The expansion of the automotive business in Thailand is promising. When green vehicles are getting popular, Thailand wins the competition recently with the largest number of enterprises.
Green vehicle policies
The government of Thailand introduces new policies where the manufacturers should be able to produce green vehicles. Electric vehicles are on their roadmap since EV is also getting popular in other countries. If the corporations plan to produce EV, the government will give more incentives.
The incentives policy is the benefit that will invite more investors and gain the Thailand EV market share. They encourage the corporates to produce the vehicles in some ranges, such as plug-in hybrid, hybrid electric, fuel-cell electric, and battery-powered electric vehicles, for locals and export.
Thailand is a country that will be a fast-growing hub in Asia. The hub is not only for automobile stuff but most importantly as an electric vehicles hub. The government with its strategies plans to create a good environment as green vehicle producers.
They have some projections about this, with 35 percent of growth by 2040 in the automobile sector. The production will focus on green vehicles. With these strategies, they hope more foreign investors will come to Thailand so that the country will be the hub of production in the Asia region, especially ASEAN.
Currently, the Thailand government is actively promoting this project to foreign investors. The strategies such as tax incentives, stay permits, and other incentives to the corporations are the ways to accelerate the production of automobile in Thailand as well as gain more profit as well and power.