Microsoft, Google and Amazon Web Services each said they will invest in Thailand with total funds amounting to nearly $8.5 billion, according to Prime Minister Srettha Thavisin who met with executives from the companies during the APEC meeting in San Francisco.

The Prime Minister also used the opportunity to engage with top executives from Tesla, HP, Meta and other tech firms.  He said their responses were positive and they showed interest in expanding their operations in the Kingdom.

The news of the new commitments came just days after the Board of Investment announced that investment applications rose by 22 percent year on year for the first nine months of 2023. Applied-for investment during the period totaled $14.6 billion, with direct foreign investment accounting for $11.2 billion or an increase of 43 percent year on year.

Prime Minister Srettha stressed that his administration is taking a more robust approach to courting investors than his predecessors, and that the Kingdom is open for business. Exports are the main driver of the Thai economy, but investment is one of its three most important pillars.

Amazon Web Services plans to devote funds to cloud computing infrastructure that would increase Thailand's competitiveness, the Prime Minister said. Another benefit of the company’s involvement would be to increase expertise among its Thai workforce in this cutting-edge sector.

Microsoft signed a memorandum of understanding (MOU) to enhance the country's competitiveness in digital technology and allow the government to provide e-services more efficiently. The company will collaborate to drive the country's national digital development, skill the workforce and support sustainability efforts to pave the way for digital infrastructure investments centered on artificial intelligence and cloud.

Google, meanwhile, said Thailand would be the location of its fourth data center hub in the Asia-Pacific region and its 11^th in the world.