Bangkok: The Board of Investment (BOI) reported that investment volume in Thailand has surged in the first nine months of 2024, reaching over 720 billion baht, marking the highest level in a decade. The growth has been driven by significant investments in high-tech industries, including semiconductors, electronics, digital technology, electric vehicles, and renewable energy. Singapore, China, and Hong Kong are leading in terms of foreign direct investment (FDI) into the country.
According to Thai News Agency, Mr. Narit Therdsathirasak, Secretary-General of the BOI, detailed that the investment boost reflects Thailand’s strong economic fundamentals and investor confidence in government policies. The number of investment promotion applications during this period increased by 46 percent year-on-year to 2,195 projects. The total investment of 722,528 million baht represents a 42 percent increase from the same period last year. The growth is attributed to the government and BOI’s proactive strategies to attract i
nvestments amid global trends of production base relocation.
Investments in the top five target industries were led by electronics and electrical appliances, attracting 183,444 million baht, followed by the digital sector with 94,197 million baht, and the automotive and parts industry, which drew 67,849 million baht. The agriculture and food processing industry, along with the petrochemical and chemicals industry, also saw substantial investments.
The report also highlighted that foreign direct investment applications increased significantly, with 1,449 projects approved, marking a 66 percent increase. The total FDI value rose by 38 percent to 546,617 million baht. The majority of these investments were concentrated in the Eastern region of Thailand, which saw 408,737 million baht in investments, followed by the Central region with 220,708 million baht.
Additionally, the BOI has been focusing on the Smart and Sustainable Industry measure, supporting existing entrepreneurs in boosting production efficiency.
In the first nine months of 2024, this initiative saw 287 applications for promotion, with investments totaling 27,318 million baht, predominantly in energy conservation and renewable energy.
The issuance of promotion cards, which is a precursor to actual investment, has also seen a significant uptick. There were 2,072 projects issued with promotion cards during this period, an increase of 59 percent year-on-year, with a total investment of 672,165 million baht, reflecting a 101 percent growth from the previous year.
Mr. Narit emphasized the importance of not just the quantity but also the quality of investments, as they play a crucial role in economic restructuring and technological advancement in Thailand. The projects approved in the first nine months are expected to employ over 170,000 Thai personnel, utilize about 800 billion baht in local raw materials and parts annually, and potentially increase the country’s export value by more than 2 trillion baht per year.