Thailand invests $153 million to boost industrial competitiveness

BANGKOK (Reuters) -Thailand's Board of Investment said on Thursday that it will provide up to 5 billion baht ($153 million) in funds to strengthen industrial competitiveness and develop skills, the first time the agency has offered direct financial support instead of tax incentives.

The measures will include subsidies for training programmes aimed at upskilling at least 100,000 people, including 30,000 university students and 70,000 workers, in industries like biotechnology, advanced agriculture, electronics, food processing and medical devices, the BOI said in a statement.

The funding will cover curriculum development, evaluation systems and management, and will be aligned with the needs of high-tech investors, it said.

A second measure will help Thai businesses upgrade and develop capabilities to improve domestic supply chains and bring them up to international standards.

"Strengthening Thai entrepreneurs' competitiveness can potentially result in stronger domestic supply chain linkages and lead to a higher volume of investment," said BOI chief Narit Therdsteerasukdi.

The plan also aims to reinforce investor confidence in Thailand as a regional hub for advanced manufacturing and innovation, the agency added.

($1 = 32.7500 baht)

(Reporting by Thanadech Staporncharnchai, Chayut Setboonsarng, and Panarat Thepgumpanat; Editing by David Stanway)

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