Thailand’s investment promotion applications surged by 31% to 228.2 Billion Baht (USD6.2 billion) in the first quarter of 2024, driven by an increase in projects by foreign investors in the electronics, automotive, petrochemical, and chemical sectors, according to the Thailand Board of Investment (BOI).
- 📈 Thailand’s BOI reports a 31% increase in investment applications for Q1 2024, reaching USD 6.2 billion. This surge is attributed to a rise in large foreign direct investment (FDI) projects.
- 🏭 The Board of Investment of Thailand (BOI) is a government agency responsible for promoting and facilitating foreign investment in the country. It offers various incentives and support services to attract businesses across various sectors. Source
- ⚡ Thailand’s emergence as an EV hub is being accelerated by favorable government policies. These policies provide comprehensive incentives for investors in the EV supply chain, contributing to the country’s rapid growth in this sector. Source
The electronics and electrical appliances (E&E) industry had the highest investment value in the first quarter at 77.2 billion baht, mainly for projects related to printed circuit boards (PCB), wafer fabrication for power electronics, and smart electronic products.
Other sectors with high investment values were automotive and parts (21.3 billion baht), petrochemicals and chemicals (17.7 billion baht), digital (17.5 billion baht), and agriculture and food processing (13.3 billion baht).
The investment applications from Singapore ranked highly due to significant investments by Singaporean affiliates of Chinese PCB manufacturers.
Foreign direct investment (FDI) applications increased by 130% to 460 projects, totaling 169.3 billion baht, with the top sources being Singapore (42.5 billion baht), China (34.7 billion baht), Hong Kong (26.6 billion baht), Taiwan (20 billion baht), and Australia (17.2 billion baht).
