# 2024 Investment Applications Soar 35% to Decade-High $33B, Boosted by FDI in Data Centers & Cloud Services says Thailand BOI

- Link: https://www.thailand-business-news.com/china/189099-2024-investment-applications-soar-35-to-decade-high-33b-boosted-by-fdi-in-data-centers-cloud-services-says-thailand-boi
- Published: 2025-01-14T17:44:01+07:00
- Author: SiamNews PR

**Investment promotion applications in Thailand surged by 35% in 2024, reaching 
a decade-high value of 1.14 trillion baht (approximately USD 33 billion), according
to the Thailand Board of Investment (BOI). This growth was driven primarily by major
foreign direct investment (FDI) projects in data centers, cloud services, and the
semiconductor and advanced electronics manufacturing sectors.**

## Key Takeaways

 * Thailand’s investment applications surged by 35% to a 10-year high of USD 33 
   billion in 2024, driven by significant foreign direct investment (FDI) in data
   centers, cloud services, and advanced electronics manufacturing.
 * The digital sector, including data centers and cloud services, led the investment
   rankings, with major projects from global tech companies like Google and semiconductor
   manufacturing companies like Foxsemicon.
 * FDI applications increased by 25% in 2024, with Singapore, China, and Hong Kong
   emerging as the top sources of investment, particularly in digital services, 
   electronics manufacturing, and semiconductor-related industries.

## Executive Summary

The Thailand Board of Investment (BOI) reported a 35% increase in investment applications
in 2024, reaching a 10-year high of USD 33 billion. This surge was led by significant
foreign direct investment (FDI) in data centers, cloud services, semiconductor, 
and advanced electronics manufacturing. The digital sector, particularly data centers
and cloud services, attracted the highest investment value, followed by the electronics
and electrical appliances sector. The BOI expects the trend to continue in 2025,
especially with the setup of Thailand’s Semiconductor Board. FDI applications rose
by 25% in 2024, with Singapore, China, and Hong Kong being the top sources. The 
BOI also anticipates growing investment in clean energy, electric vehicles, agritech,
foodtech, and medical tourism infrastructure in 2025.

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## The digital sector, encompassing data centers and cloud services, led the rankings for the first time last year

The digital sector, which includes data centers and cloud services, topped last 
year for the first time the sectorial rankings by value with 150 projects worth 
a combined 243.3 billion baht in pledged investment. Major projects in this sector
in 2024 included applications to setup large data centers by units of large tech
and cloud services companies such as Google (Alphabet) from the U.S., Australia’s
NextDC, India’s CtrlS Datacenters, and Singapore-based GDS IDC Services PTE Ltd.

The electronics and electrical appliances (E&E) sector, which had attracted the 
largest share of investment in recent years, came in second last year with 407 projects
worth 231.7 billion baht. Noticeable large projects in this sector last year included
an investment by a unit of Foxsemicon Integrated Technology Inc. (Fiti Group) to
build a factory to make high-precision machinery parts and equipment for the semiconductor
industry, and an investment by FT1 Corporation, a Thailand-Hong Kong-Singapore wafer
manufacturing joint venture between Hana Microelectronics and PTT Group to produce
silicon carbide wafers.

**The automotive sector came in third with 309 projects **worth 102.4 billion baht.
Agriculture and food ranked fourth with 329 projects worth 87.6 billion baht, followed
by petrochemicals and chemicals with 235 projects worth a combined value of 49.1
billion baht.

“Investors’ response to our policy to promote Thailand as a safe and neutral location
for large digital sector and smart electronics projects has been very impressive
last year, with important projects by groups like Google, in cloud services, and
Foxsemicon, in the semiconductor supply chain,” said Mr. Narit Therdsteerasukdi,
Secretary General of the BOI.

> “We expect this trend to get even stronger in 2025 following the setup of Thailand’s
> Semiconductor Board and the need for more companies to mitigate risk in view of
> the current geopolitical situation.”
> Mr. Narit Therdsteerasukdi, Secretary General of the BOI.

In December, Thailand’s newly appointed National Semiconductor and Advanced Electronics
Policy Committee, or Semiconductor Board, approved the framework for the sector’s
strategy, and for the development of a skilled workforce to prepare for a new wave
of FDI which the Government estimates could attract 500 billion baht investment 
by 2029.

“In close coordination with the Government, the BOI will conduct during this year
roadshows to all key FDI source markets, and technology hubs, including China, the
U.S., Japan, and Europe, to promote our policies and meet potential investors,” 
Mr. Narit added. Later this month, Mr. Narit will join Prime Minister Paetongtarn
Shinawatra’s delegation to the World Economic Forum in Davos.

Other sectors expected to see growing investment in 2025 include the production 
of clean energy, for which the demand is rising especially due to the demand from
the digital and electronics sector, Mr. Narit said. Also showing great growth potential
this year are the electric vehicles (EV) and parts industry which is still building
on the growth seen in recent years, the agritech and the foodtech sectors, as well
as the medical and tourism infrastructures, he added.

The total number of applications for investment promotion in all sectors filed during
January to December 2024 increased 40% to 3,137 projects, from 2,235 projects in
the same period of 2023. The total adjusted investment value of the project applications
for all of 2023 was 846.5 billion baht.

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## FDI Applications Up 25% Year-on-Year

FDI represented 73% of the total value of applications in 2024, after rising 25%
from the previous year.

**Singapore led the FDI source rankings with 305 projects **mostly in digital services,
and electronics manufacturing, representing a total investment value of 357.5 billion
baht, or 43% of total FDI applications. Most of the investment came from Chinese
and American companies using Singapore as a regional base, reflecting the competition
between the two countries in the tech sector.

**China was the second largest source of FDI** applications with 810 projects worth
a total of 174.6 billion baht led by PCB, automotive, and metal products manufacturing
businesses.

Hong Kong came next with 177 projects worth a total investment value of 82.3 billion
baht, including the production of wafer fab, a key raw material in the semiconductor
industry, as well as data center, PCB, chemicals and plastics manufacturing.

Companies based in Taiwan filed 126 applications worth a total of 50 billion baht
in investment value, with high-value projects in the production of advanced semiconductor
equipment and components, PCB and smart electronic products.

Japan ranked fifth with 271 projects worth a combined investment value of 49.1 billion
baht, with most projects in areas of expertise, such as the automotive and parts
sector, motorcycle manufacturing, aircraft tires, digital camera and air conditioner
manufacturing, all activities of importance to Thailand’s industrial sector.

![](https://b2thbz.siamnews.network/2025/01/BOI-invest-summary-2024-infographic.
jpg)

Source : [○ BOI : The Board of Investment of Thailand](https://www.boi.go.th/index.php?page=press_releases_detail&topic_id=136384&_module=news&from_page=press_releases2&language=en)