In a time when global geopolitics is highly volatile and supply chains are being restructured, major foreign investors face many more variables in their decision-making than before.
Although tax incentives and production costs remain important factors influencing capital movement, they no longer provide the full answer, as investors now seek countries with economic stability, infrastructure for long-term investment, and ecosystems that enable businesses to operate smoothly from day one.
As the global economy shifts toward AI, semiconductor, and digital economy industries, foreign direct investment (FDI) flows to locations offering more than just manufacturing sites. Investors want countries that are stable, serve as safe havens amid global volatility, and have financial systems supporting rapid and secure cross-border capital flows.
In this context, the Thailand Board of Investment (BOI) announced a significant strategic partnership with Citibank, a global financial institution with networks in over 180 countries and territories, aiming to enhance Thailand's position as a premier global investment destination.
This development marks a shift in Thailand’s approach to attracting investment—from waiting for investors to discover Thailand to proactively presenting the country directly to global capital groups, with a world-class bank integrated into the country’s marketing structure.
An intriguing question is why, if Thailand wants to attract AI, tech, or future industries, BOI opted to partner with a global bank like Citi.
The answer lies in what happens after investors choose Thailand: investors do not just consider the country first and then the bank. Instead, the financial system is a fundamental part of their initial evaluation, because capital inflows, currency conversion, liquidity management, payments, and repatriation all affect business costs and risks.
Narumon Jiwangkul, CEO of Citibank Thailand, stated,
“Financial transactions form a critical framework for foreign investors. When currency volatility is high and management is slow, that becomes a risk, and the value of their money can disappear immediately.”
From this perspective, financial factors increasingly influence investment decisions, especially in three key areas.
1. Foreign Exchange (FX): Capital moving across countries faces currency volatility. Delays or fluctuations of 5-10% can immediately impact business costs and profits.
2. Liquidity & Treasury: Multinational companies must manage cash, working capital, and liquidity across multiple countries simultaneously. The speed and efficiency of these financial management systems become another business cost.
3. Cross-border & Digital Payment: Global businesses require payment systems that connect quickly, from cross-country transactions to millisecond-level operations.
Citi’s strength lies in being a global bank with both a customer network and financial technologies supporting cross-border business, such as Citi Token Services developed for digital payments and fund transfers. For multinational companies, these services directly influence decisions on where to invest and how to manage large capital funds once established.
This is where BOI and Citi complement each other: one provides investment promotion tools and networks, the other offers client networks and financial infrastructure linking Thai businesses to the world.
Data shows that BOI’s investment promotion applications in the first half of 2026 clearly reflect changes in the nature of investment flowing into Thailand.
In the first six months, there were 1,299 investment promotion applications, down 28% year-on-year, but the investment value rose 37% to 1.47 trillion baht. Of this, foreign direct investment (FDI) accounted for 1.36 trillion baht, an 80% increase.
The decrease in project numbers alongside a significant rise in investment value indicates a structural shift in FDI entering Thailand—from labor-intensive projects to industries requiring high capital, technology, and infrastructure levels.
The clearly visible sectors include:
This explains why Thailand’s challenge is not only to increase the number of investment projects but to attract companies and industries that will elevate the country’s economic structure over the long term.
This aligns with Narumon’s perspective that a domestic consumer base of 70 million is insufficient. Thailand must attract foreign interest. The challenge is how to serve as a springboard for the country.
This statement straightforwardly captures Thailand’s dilemma: with limited domestic purchasing power, economic growth must rely on external capital, technology, and world-class talent.
Similarly, the government shares this view. Narut Terdsteerasak, Secretary-General of BOI, notes that global conditions for investment competition are changing.
“Global trends are shifting. Investors no longer focus solely on production costs but seek countries with economic stability, world-class infrastructure, and geopolitical safe havens.”
Thailand’s goal is thus moving from attracting FDI by quantity to high-quality FDI that brings capital, technology, and global talent, contributing to transforming the country’s economic structure long term.
BOI’s traditional roadshows promoting Thailand’s incentives and investment opportunities abroad are now being enhanced. After signing the MOU, BOI and Citi will conduct joint roadshows, rather than working independently.
This partnership allows presentations to investors to cover everything from business establishment to financial management after investing in Thailand, highlighting the country’s strengths as a safe haven, with top-tier ASEAN infrastructure, over 80 industrial estates, water, electricity, ports, airports, and investment promotion measures including FastPass.
Another often overlooked factor is quality of life, which affects global companies’ decisions to attract talent to live and work in Thailand.
Meanwhile, Citi offers a global client network across 180 countries and economic zones, risk management solutions for raw material and energy costs, and digital financial systems—especially Thailand’s strengths in Instant Payment and high-speed internet, digital infrastructure that supports modern business development.
At the same time, financial institutions continue to strengthen system security. Altogether, this enables Thailand to present a comprehensive package to foreign investors—from deciding where to establish operations to managing funds after investment.
The ultimate goal is to place Thailand prominently in the sights of companies deciding to invest in AI, Digital, Semiconductor, EV, Green Energy, and future industries.
This is why the BOI-Citi partnership is notable as the starting point of a new form of country marketing, combining investor networks, infrastructure, and financial systems into a unified proposition to secure Thailand’s clearer position on the global investment map.
For more information on economic policy, follow ThairathMoney athttps://www.thairath.co.th/money/economics/thai_economics
Follow the Facebook page: Thairath Money at the link belowhttps://www.facebook.com/ThairathMoney/y