Thailand's BoI urges textile companies to invest abroad

18 Jul '13

1 min read

Thailand’s Board of Investment (BoI) has advised four major industrial sectors, including the textiles and apparel sector, to invest abroad in view of the rising domestic costs and the likely expiry of Generalised System of Preferences (GSP) privileges to the US market.

The BoI has urged entrepreneurs of four main industrial sectors to invest in foreign countries to offset the country’s shortage of labour, higher minimum wages, and expiry of trade privileges to the US market, Siriporn Nurugsa, executive director of the Thailand Overseas Investment Promotion Division of the BoI said, according to a Bangkok Post report.

Last year, the BoI constituted the Division for promoting investment abroad, and followed it up by opening the Thailand Overseas Investment Center early this year.

BoI is currently collaborating with several Asean nations like Cambodia, Indonesia, Laos, Myanmar, Singapore and Vietnam to promote Thai investment in those countries, according to Chokedee Kaewsang, deputy secretary-general of the BoI.

So far 41 Thai companies have already made investment in various sectors abroad, while 11 more are expected to make their investment this year.

While the US GSP privileges may end for Thailand, they are likely to remain unchanged for the next 5-7 years to Cambodia, Laos and Myanmar.

Fibre2fashion News Desk - India

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