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Thailand Investment Applications Rise 70% in H1 says BOI
Investment promotion applications in Thailand increased by 70% in the first half of 2023, reaching a value of 364.4 billion baht ($10.3 billion).
Foreign direct investments (FDI) saw a significant increase of 141%, with global companies favoring Thailand as a manufacturing base in industries such as electronics, food processing, and automotive, particularly in the electric vehicle (EV) supply chain.
Key Takeaways
- Foreign direct investment (FDI) in Thailand has soared, particularly in the electronics, food processing, and automotive industries, including the electric vehicle supply chain.
- The electrical appliances and electronics industry received the highest amount of investment, followed by the agro-industry and food processing sector, and the automotive and parts industry.
- Thailand’s strong fundamentals, including improving economic growth forecasts and increased competitiveness rankings, have contributed to the country’s attractiveness for investment.
The number of project applications also rose, with 891 projects filed during the period. FDI applications increased by 33% to 507 projects, with China being the largest source followed by Singapore and Japan.
Thailand’s strong fundamentals, including improving economic growth forecasts and increased competitiveness rankings, have contributed to the investment trend. The electrical appliances and electronics industry received the highest amount of investment, followed by the agro-industry and food processing sector.
The automotive and parts industry also saw significant investment, particularly in EV-related projects. The Eastern Economic Corridor (EEC) area accounted for 47% of the total application value.
Long-Term Resident Visa program, has received over 4,200 applications, primarily from citizens of Europe, the United States, and China. The program has been updated to accommodate professionals and experts in technology and business fields. The Thailand Board of Investment is working to expedite the visa processing system to meet the increasing demand.
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