NVIDIA will unveil investment plans for Thailand during chief executive officer Jensen Huang’s trip to Bangkok in December, according to a Bloomberg interview with Thailand’s Commerce Minister Pichai Naripthaphan on Monday (21 October). He said it could lead to more investment interests “with related clusters following suit.”
It is the latest in a string of Big Tech investment announcements in Southeast Asian nations. The region has come into the centre stage of global FDI as conflict, trade wars and uncertainty cause global supply chains to shift. Interest for Thailand and its neighbours has surged because of their relative neutrality and good infrastructure.
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In the past, Thailand has secured millions of dollars in investments from companies such as Amazon, Google and Microsoft. Recently, Dubai-based Damac Group announced it would invest $1bn into data centres in the country. The Commerce Minister said investment proposals from international and domestic companies could reach up to $30b by the end of the year.
Thailand’s Board of Investment (BOI) data shows that investment pledges reached $21.6b in the first three quarters of 2024. This marks a 42% increase compared to the same period in 2023. The BOI says 2,195 projects were approved during this period.
Nvidia has made investment commitments in Indonesia and Malaysia and is considering expanding into Vietnam. Oracle, the American software giant, recently announced plans to invest $6.5b to build a cloud services hub in Malaysia.
Thailand is eager to recover the growth it lost out on during a decade of military rule that started in 2014 when the military staged a coup that overthrew a democratically elected government. This period was marked by severe restrictions on civil liberties and political freedoms. In the 2023 elections, the country’s opposition parties secured the most votes and delivered a blow to the military junta. Thailand has a long history of military rule.
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