Thailand’s Prime Minister, Srettha Thavisin, announced on Sunday that the country anticipates receiving investments totaling at least $5 billion from tech giants Tesla, Google, and Microsoft.
Thavisin revealed that “Tesla would be exploring the possibility of establishing an electric vehicle (EV) manufacturing facility, while Microsoft and Google are considering the establishment of data centers.” However, he did not specify whether the $5 billion investment would be a combined effort from these companies or if they would make individual investments.
As of the time of reporting, Tesla, Google, and Microsoft have not provided any official comments or responses regarding this potential investment.
Thavisin made these statements while speaking to reporters in Bangkok, following his attendance at the U.N. General Assembly in New York, where he engaged in discussions with company executives earlier in the week.
These anticipated investments could provide a significant boost to Thailand’s economy, which is currently experiencing a slower growth rate than previously projected, with expectations of a 2.8% growth this year, primarily due to weakened export figures.
Thavisin mentioned that he had recent discussions with Tesla CEO Elon Musk, specifically addressing 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, as well as providing tax incentives to promote local EV adoption, in an effort to retain its status as a key regional automotive hub.