Thailand's Investment Applications Hit Record US$ 21.7 Billion

According to the Thailand Board of Investment (BOI), the value of investment promotion applications rose 42% over the previous year to ฿722.5b (US$ 21.7b) in the first nine months of 2024, the highest amount since 2015.

The E&E sector had 291 projects costing ฿183.4b, followed by the digital sector with 107 projects costing ฿94.2b, and the automotive and parts sector with 212 projects costing ฿67.8b. These applications for projects in the targeted industries made up 68% of the overall investment amount.

Narit Therdsteerasukdi, secretary general of the BOI, said, "The investment applications in the first nine months clearly demonstrate the rising confidence of investors in key tech industries that Thailand is the strategically located, safe, and resilient place that's best for their business."

From January to September, 2,195 projects were submitted for investment promotion, a 46% increase from the 1,501 projects submitted during the same time period in 2023. The projects that were applied for in the first nine months of 2023 had an adjusted investment value of ฿509.4b.

There were 162 petrochemical and chemical projects costing ฿34.3b, while 226 projects in the agriculture and food processing industries had a combined value of ฿53b.

Large investments in E&E and data centers by Chinese and American company units made Singapore the leading destination for FDI, with applications totaling ฿180.8b, more than twice the ฿79.7b observed in the previous period.