Steady growth in 9-month results with 1,555 project

Chatrudee Theparat

Steady growth in 9-month results with 1,555 project applications and a combined value 516.8 billion baht

Thailand Board of Investment (BOI) reports steady growth in 9-month results, attracting foreign investment and fostering key Industries

Mr. Narit Therdsteerasukdi, secretary general of the BOI said during the period from January to September 2023, the BOI received a total of 1,555 project applications, reflecting a substantial 31% increase in value to a combined 516.8 billion baht, marking a 22% year-on-year increment. The agency expected to achieve a target of 600 billion of applications this year.

This achievement underscores the growing confidence of foreign investors in Thailand's investment ecosystem and the effectiveness of the new investment promotion strategy aimed to transform the Thai economy towards the "New Economy." A notable success has also been evident in the upsurge of foreign direct investment (FDI) applications.

The number of FDI projects increased by 49%, totaling 910 projects, with a remarkable 43% increase in investment value, reaching 398.5 billion baht compared to the previous year. 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 positive response from foreign investors reflects their trust in Thailand's potential. The BoI's focus on strategic sectors and the nurturing of an innovative ecosystem has made the country increasingly appealing for investors."

Over the nine-month period, targeted industries accounted for 787 applications, representing a substantial 51% of total investment applications, with a combined value of 366.2 billion baht, making up 71% of the total investment application value.

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.

"The approved investment projects in 2023 are expected to contribute 2 trillion baht per year of export value and generate employment for over 100,000 positions. The E&E sector, followed by agriculture, food, and biotechnology, are anticipated to be the leading employment sectors in the future.”