The CEO of BlackRock Inc (NYSE:BLK)., Larry Fink, expressed interest in expanding the company’s investments in Thailand, particularly focusing on the government’s Sustainability Linked Bonds and the bio-circular-green (BCG) sector. The meeting between Fink and Thai Prime Minister Srettha Thavisin took place on Wednesday, on the sidelines of the United Nations General Assembly (UNGA78) in New York.
Government spokesperson Chai Wacharonke highlighted that the world’s largest asset management firm, which manages total assets of US$9.43 trillion as of Q2 2023, is keen on investing in clean energy sectors such as wind and solar power, garbage recycling, and small to large businesses promoting the BCG model. This model is unique as it requires highly skilled workers and reduces the use of natural resources by half.
The Thai BCG sector, currently valued at approximately 3.44 trillion baht, is expected to grow to 4.4 trillion baht next year. Over 100 companies promoting the BCG economy could benefit from BlackRock’s potential investments.
BlackRock’s interest in Thailand extends to the country’s Sustainability Linked Bonds, set to be issued by the Thai government next year. This aligns with BlackRock’s priority on sustainable investing. Large-scale Thai funds such as Social Security and Government Pensions are already investing through BlackRock’s Exchange Traded Fund (ETF).
Fink commended the Southeast Asian region, including Thailand, as a high-potential area for BlackRock’s investments. Prime Minister Srettha Thavisin viewed this expressed interest as a success in attracting foreign investors. In upcoming meetings with the US-Asean Business Council (USABC), he plans to promote Thailand as an attractive investment base that can penetrate the Asean market of 600-700 million people.
While in the US, Prime Minister Srettha is also scheduled to meet with executives from JP Morgan, Microsoft (NASDAQ:MSFT), Citibank, Estee Lauder (NYSE:EL), and Tesla (NASDAQ:TSLA). One of the key agendas is to highlight Thailand’s medical care services as a strength in attracting more investors.
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