The Thailand Board of Investment (BOI) has seen a significant increase in project applications and foreign direct investment (FDI) in the first nine months of 2023.
- The Thailand Board of Investment (BOI) has experienced a significant increase in foreign investment, with a 43% rise in investment value and China emerging as the largest source of foreign direct investment applications.
- Targeted industries, particularly the electrical appliances and electronics sector, have shown strong growth, accounting for 51% of total investment applications and contributing to the country’s transition towards the “New Economy.”
- The BOI is actively working to improve the investment climate in Thailand by addressing regulatory hurdles, expanding its reach by establishing offices in select countries, and providing enhanced incentives for the automotive industry to promote automation and the transition to electric vehicles.
The Board of Investment (BOI) has seen a significant increase in project applications, with a 31% rise compared to the previous year. The number of foreign direct investment (FDI) projects has also surged by 49%, totaling 910 projects. Notably, there has been a remarkable 43% increase in investment value, reaching 398.5 billion baht compared to the previous year.
The electrical appliances and electronics industry was the top sector, followed by agro-industry and food processing, and automotive and parts. The BOI aims to attract more foreign investment by expanding its reach and supporting the automotive industry through incentives for automation and robotics.
The board also approved investment applications in the sugar manufacturing sector. These accomplishments highlight Thailand’s appeal for foreign investors and its transition to the New Economy.
China emerged as the largest source of FDI applications, contributing 24% of the FDI value, with a total investment pledge of 97.4 billion baht for 264 projects.
Singapore ranked second with 133 projects representing combined investments of 80.2 billion baht, while Japan secured the third position with 176 projects worth 43.1 billion baht in investments. Taiwan and Korea came fourth and fifth with 63 projects worth 36.1 billion baht and 15 projects worth 32.6 billion baht, respectively.
The electrical appliances and electronics (E&E) industry secured the top position among sectors, with 171 projects, an 84% increase compared to the previous year, and an investment value of 208.2 billion baht. The agro-industry and food processing sector came second with 213 projects, reflecting a 32% rise and a combined value of 55.7 billion baht. The automotive and parts industry saw 151 investment applications, up by 89%, reaching a total of 42.2 billion baht.
About the author
Boris Sullivan is a business news editor based in Hong Kong. He has over 15 years of experience in covering the latest trends and developments in the Asian markets, as well as the global economy.