On 26 September 2024, the Board of Investment (BOI) Office in Frankfurt, responsible for promoting investment with Belgium, organised the 10th Thai-Belgian Business Forum at the Warwick Hotel, Brussels. Around 40 participants attended the event, including representatives from Belgian companies who already invested and established in Thailand and those who are interested in investment opportunities in Thailand as well as representatives from government agencies and media attended.
H.E. Mrs. Kanchana Patarachoke, Ambassador of Thailand to Belgium, gave an opening remarks highlighting Thailand’s strength such as being a gateway to ASEAN with a population of over 670 million people, investment incentives especially for new industries and high technology, strong infrastructure both hardware and software, fast internet speed and extensive coverage, medical hub and healthcare, as well as a wide range of international schools for expat children.
Ms. Sanlaya Aksharamat, Director of the BOI Frankfurt Office, briefed on investment opportunities in Thailand. BOI also provides investment incentives, including tax and non-tax privileges, for targeted investment areas include EVs, smart electronics, bio-based industries, digital and creative economy, and International Business Centers.
Mr. Bhisanrath Ninlabhandh, Minister Counsellor (Customs), presented on “Customs connects” to facilitate trade and investment through e-Customs, customs valuation, rules of origin, and advance ruling and tax incentives.
In addition, there were presentations by representatives of Belgian companies that have invested/are interested in investing in Thailand, including (1) Katoen Natie, a full-service logistics company that has invested in Thailand for over 20 years and plans to expand its business in Thailand (2) Turbulent, a developer of cost effective, energy-saving, environmentally friendly hydropower turbines that can be installed in medium-small water sources and who are interested in expanding their business in Thailand and (3) Laboratoire Huckert’s, a family business developing and producing high quality, non-toxic disinfectants that have been operating in Thailand for over 10 years.
In terms of Foreign Direct Investment (FDI) in Thailand, In 2023, Belgium ranked 4th among European investors in Thailand valued at 140 million Euros. Belgian projects with the highest total investment value are in the agriculture, food and biotechnology industries