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Thailand's Commerce Minister announced that Nvidia will disclose its investment strategy during CEO Jensen Huang's December trip to Bangkok. The anticipated move is expected to amplify Southeast Asia's allure for global tech investors amid shifting supply chains.
Nvidia to Unveil Thailand Investment Plans in December
An interview with Thailand's Commerce Minister Pichai Naripthaphan, conducted by Bloomberg on Monday (21 October), revealed that Nvidia's investment plans for the country will be unveiled by chief executive officer Jensen Huang during his December visit to Bangkok.
According to him, "related clusters following suit" might mean an influx of investment capital.
This is only the most recent news of large IT companies planning to invest in Southeast Asian countries. Conflict, trade conflicts, and uncertainty are shifting global supply chains, putting the area at the center of foreign direct investment (FDI). The relative neutrality and superb infrastructure of Thailand and its neighbors have caused a rise in interest.
Tech Giants Fuel Southeast Asia's Growing Investment Appeal
Major tech businesses like Amazon, Google, and Microsoft have invested millions of dollars in Thailand. Damac Group, headquartered in Dubai, recently declared plans to spend $1 billion into data centers in the nation.
By year's end, the Commerce Minister predicted, investment proposals from both local and foreign corporations may total $30 billion.
Investment Proposals Surge as Thailand Eyes $30B in 2024
According to statistics compiled by Thailand's Board of Investment (BOI), investment commitments hit $21.6 billion during the first half of 2024. When compared to the corresponding period in 2023, this represents a 42% rise. During this era, 2,195 projects were approved, according to the BOI.
Nvidia is contemplating a move into Vietnam and has already committed investments in Malaysia and Indonesia. The American software behemoth Oracle recently declared intentions to spend $6.5 billion to construct a cloud services center in Malaysia.
Thailand Rebuilds After Years of Political Upheaval
Thailand is determined to make up for the lost ground in economic development that it experienced during the ten years of military rule that began with the 2014 coup that deposed a democratically elected government.
Strict limitations on political and civil liberty were hallmarks of this era. The military junta took a beating in the 2023 elections, which were won by the country's opposition parties. The rulers of Thailand have been armed for many years.
The original source of the article "Nvidia to unveil Thailand investment plans in December" was Investment Monitor, a brand owned by GlobalData (via Yahoo Finance).
