Economics

Investment promotion requests exceeded 750bn baht in 2019

An impressive 59% was in the Eastern Economic Corridor, with China outreaching Japan to become the biggest international investor in Thailand.

Published

8 months ago

January 14, 2020

National News Bureau of Thailand

BANGKOK (NNT) – Thailand remained an investment destination for international investors last year, as reflected in the overall value of investment promotion requests in 2019, released by the Board of Investment (BOI) today, which exceed a 750 billion baht goal.

An impressive 59% was in the Eastern Economic Corridor, with China outreaching Japan to become the biggest international investor in Thailand.

Deputy Prime Minister Somkid Jatusripitak, today assigned the Board of Investment of Thailand (BOI) to introduce measures to oversee companies receiving investment promotion packages last year to proceed with their investment plans.

1,624 projects worth 756.1 billion baht

The BOI last year received investment promotion requests for 1,624 projects worth 756.1 billion baht, of which 506 projects worth 444.88 billion baht are located in the Eastern Economic Corridor (EEC), accounting for 59 percent of total investment promotion requests.

Some 500 billion baht in Foreign Direct Investment (FDI) was made in 2019, with Chinese investors being the largest group for the first time with 260 billion baht in investment, replacing Japanese investors who committed 63 billion baht in investment.

Mr Somkid said the government is motivated to offer special support to the tourism industry, creative economy industry, and infrastructure investments in the grassroots economy this year.

The government will be introducing measures for Thai companies to make more investments over the next six months to take advantage of the appreciated Thai currency.

The BOI Secretary General Duangjai Asawachintachit said today investment prospects for 2020 will be improved, as the BOI has enhanced its investment promotion benefits which now include 50% corporate income tax discount for five years. The offer is eligible for investment projects proposed to the BOI this year, of actual investment value of no less than 1 billion baht by the end of 2021.

Current investment promotion packages for SMEs are now extended to February 2020, with the addition of a 50% corporate income tax discount for three years for investments in the EEC.

Economics

Developing Asia’s Economy to Contract 0.7% in 2020 (ADB)

Economies across developing Asia will contract this year for the first time since 1960, according to a report released by the Asian Development Bank (ADB) today.

Published

1 week ago

September 15, 2020

Boris Sullivan

The Asian Development Outlook (ADO) 2020 Update forecasts -0.7% gross domestic product (GDP) growth for developing Asia this year—marking its first negative economic growth since the early 1960s.

(more…)

Economics

Consumer confidence in August up for four straight months

The University of the Thai Chamber of Commerce (UTCC) reported on Wednesday the consumer confidence index rose to 51 in August from 50.1 in July, 49.2 in June, 48.2 in May and 47.2 in April.

Published

2 weeks ago

September 11, 2020

National News Bureau of Thailand

The University of the Thai Chamber of Commerce’s Center for Economic and Business Forecasting has reported that the country’s consumer confidence index in August 2020 increased for four consecutive months, thanks to the government’s various economic stimulus measures.

(more…)

Economics

COVID-19 reduces Thai household income by 70 percent

The ongoing COVID-19 pandemic has already decreased Thailand’s monthly household income by 70 percent.

Published

4 weeks ago

August 24, 2020

National News Bureau of Thailand

The Office of the Royal Society has organized a round-table discussion about the economic hurdles caused by the ongoing COVID-19 pandemic, which has already decreased Thailand’s monthly household income by 70 percent.

(more…)