In a bid to rejuvenate its sluggish economy, Thailand is anticipating a substantial investment injection of at least $5 billion from tech giants Tesla, Google, and Microsoft, according to Prime Minister Srettha Thavisin. This announcement follows Srettha’s recent discussions with top executives from these companies during his attendance at the UN General Assembly in New York.

Tesla, renowned for its pioneering electric vehicles (EVs), is mulling over the establishment of an EV manufacturing facility within Thailand’s borders. Meanwhile, both Microsoft and Google are exploring the prospect of setting up data centers in the nation. While Prime Minister Srettha did not specify whether the projected $5 billion was a collective investment or individual commitment from each corporation, the potential inflow of funds holds immense promise for Thailand’s economic revival.

Foreign investment could not come at a more critical time for Thailand, as the country grapples with an economic growth forecast of 2.8% for the year, a figure that has been downgraded due to declining exports. Srettha’s proactive efforts to attract these tech giants reflect Thailand’s determination to retain its status as Asia’s fourth-largest automobile assembly hub. To this end, the country has been extending incentives to EV and battery manufacturers, along with tax reductions for local EV purchasers.

As of now, neither Tesla, Google, nor Microsoft have provided official responses to the investment proposition. Nevertheless, if this multimillion-dollar commitment materializes, it could provide a significant boost to Thailand’s economic fortunes, potentially transforming the nation into a technology and automotive powerhouse.

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