In a large wok or skillet, heat the olive oil over medium-high heat. Allow it to get hot but not smoking.
Add the thinly sliced shallots and cook for about 2 minutes until they start to become translucent. Then, add the garlic and ginger, stirring frequently to avoid burning, for about 1 minute.
Toss in the sliced bell pepper and continue to sauté for another 2-3 minutes, until the vegetables are tender yet still crisp.
Add the ground chicken (or diced chicken breast/turkey) to the pan. Break it up with your spatula and cook until no longer pink, about 5-7 minutes.
Sprinkle in the light brown sugar, fish sauce, low-sodium soy sauce, oyster sauce, and Asian garlic chili sauce. Stir everything together to ensure the chicken is well coated.
Pour in the chicken broth and water. In a small bowl, mix the cornstarch with a little water to create a slurry, then add it to the pan. Stir constantly until the sauce thickens, about 2-3 minutes.
Finally, add the fresh basil leaves and give everything a good stir. Cook for an additional minute until the basil is wilted and fragrant.
Serve your Thai Basil Chicken over cooked Jasmine rice. Enjoy the delightful blend of flavors and textures!