Thailand consents Western Digital USD693m enlargement
Date
8/26/2024 7:10:03 AM
(MENAFN) Thailand’s Board of investment (BOI) has granted approval for Western Digital’s substantial investment plan, which involves injecting 23.5 billion baht (USD693 million) into the expansion of its hard disk drive manufacturing operations within the country. This significant investment is motivated by the surging demand for cloud technology and data centers, reflecting the global shift towards increased digital storage needs.
The expansion is anticipated to have a substantial impact on Thailand’s economy. It is projected to generate an additional 200 billion baht annually in export revenues and create approximately 10,000 new jobs. Currently, Western Digital’s facilities in Thailand are a critical component of the global hard disk production landscape, employing 28,000 workers and contributing to around 80 percent of worldwide hard disk output.
Thailand has a strong track record of supporting the hard disk industry, having approved investments totaling 82.6 billion baht over the past decade. This trend of substantial investment in the sector is underscored by the recent expansion efforts of Seagate, another leading hard disk manufacturer, which committed 16 billion baht to its Thai operations last year.
Looking ahead, Thailand, Southeast Asia’s second-largest economy, is optimistic about its investment climate. The country expects to receive investment applications amounting to 800 billion baht in 2024, reflecting its continued attractiveness as a destination for major industrial investments.
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