PUSH VERSUS PULL FACTORS OF THAILAND’S OFDI IN BRICS: A QUALITATIVE ANALYSIS

Abstract

This study aims to: 1) Examine the key factors influencing the outward foreign direct investment (OFDI) decisions of Thai companies in BRICS countries, 2) Investigate the economic benefits resulting from Thailand’s OFDI, and 3) Explore relevant policy mechanisms that support Thai investment abroad. A qualitative research design was employed, involving four key informants purposively selected from executives of Thai firms operating in India and South Africa and senior officials from government agencies responsible for international investment promotion. In-depth semi-structured interviews were conducted until data saturation was reached, and the data were analyzed using thematic analysis supported by content analysis with NVivo software. 1) The findings reveal that push factors influencing Thai investment include a saturated domestic market, Political uncertainty, and the need for technological upgrading and new business opportunities. Meanwhile, pull factors from BRICS countries include investment incentives, ownership 2) Liberalization, and access to large and growing consumer markets. the economic benefits occur at both firm and national levels. At the firm level, companies gain increased revenues, business expansion, and access to new technologies. At the national level, benefits emerge through GDP enhancement, human capital development, and strengthened global competitiveness. and 3) Policy recommendations emphasize establishing an outbound investment support center, legal and informational assistance, and strategic utilization of trade agreements. The contribution of this study is the development of a conceptual model explaining the dynamic interaction between push factors, pull factors, enabling mechanisms, and economic outcomes driving Thailand’s OFDI in BRICS markets.