A government investment roadshow in China could help attract businesses from Chongqing and Sichuan, two major manufacturing hubs for high-tech industries, says CP Group Senior Vice-Chairman Suphachai Chearavanont.
Speaking in Chengdu during a visit with Prime Minister Anutin Charnvirakul on Sunday, Mr Suphachai said Thailand should focus on Chongqing and Sichuan.
He labelled them key manufacturing centres for China's high-tech industries, particularly semiconductors, electronics, advanced technologies and aviation.
"If Thailand succeeds in attracting investors or forging business partnerships with companies based in these regions, it could significantly boost FDI inflows into the country," said Mr Suphachai.
He said Thailand recorded around US$10 billion in disbursed foreign investment last year, while regional rival Vietnam secured approximately US$27 billion.
Mr Suphachai said the gap has had a direct impact on economic growth and GDP, highlighting the need for Thailand to strengthen its position as a regional manufacturing and export hub.
Mr Suphachai said Thailand must accelerate efforts to attract investment, particularly in the electronics and semiconductor sectors, where Western investment remains below potential, despite encouraging signs from recent data centre investments.
He said the cornerstone of Thailand's strategy to attract Chinese investment is to build trust and reinforce its reputation as a reliable partner.
Chinese investors place considerable emphasis on investment readiness, particularly the legal framework, tax regime and government support, which are critical to reducing risks and ensuring long-term confidence, he said.
As the government boosts investment from China, Mr Suphachai said its commitment is vital to strengthening confidence and governance among investors seeking a manufacturing base in Southeast Asia, whether compared to Vietnam, Malaysia or Indonesia.
The latest economic engagement initiated by the government during an official visit to China this week is viewed as an important step towards restoring Thailand's position as a leading destination for investment from China, particularly in industries tipped to grow in the future concentrated in Chongqing and Sichuan.
"Such investment would help strengthen Thailand's industrial base and enhance the long-term resilience of its economy," said Mr Suphachai.
