BANGKOK, July 25, 2024 /PRNewswire/ -- The Thailand Board of Investment (BOI) said today
that applications for investment promotion during January to
June 2024 increased 35% on year in
value to a combined 458.4 billion
baht (US$ 12.8 billion),
especially in target sectors such as Electronics and Electrical
Appliances, automotive and parts, chemicals, and data centers, as
well as a sustained growth in foreign direct investments (FDI),
which grew 16%, and the setup of a large number of regional
headquarters.
The number of applications for investment promotion in the first
half of the year increased 64% to 1,412 projects, from 863 projects
in the same period last year. The adjusted investment value of the
projects applied in the first half of 2023 was 339.7 billion baht.
"In the first half, we saw a continued growth both in terms of
the number of projects and investment value, reflecting the
economic potential of Thailand and
investors' confidence in our country as a safe and resilient
production base," said Mr. Narit Therdsteerasukdi, Secretary
General of the BOI. "The applications included 19 international
business center projects, a very encouraging number as it means
more senior management and talent setting up in Thailand."
Among the applications, 723 were in target industries,
representing a combined value of 289.7
billion baht. Applications in the ten target sectors
accounted for 51% of the total number of projects, and for 63% of
the total value of applications.
The industry with the highest number of projects was again the
electrical appliance and electronics (E&E) sector with 181
projects worth 139.7 billion baht.
The E&E sector applications included 31 projects for the
production of printed circuit boards (PCB) worth a combined
investment value of 39.7 billion
baht, 8 projects for the production of smart appliances and
smart electronic products worth a combined investment value of
38.2 billion baht, as well as 3
projects for the production of optical modules and device worth a
combined investment value 13.8 billion
baht.
The automotive and parts sector saw 140 projects worth
39.9 billion baht, while the
agriculture and food processing sector saw 157 projects worth
33.1 billion baht, and the digital
sector saw 63 projects worth 25.1 billion
baht.
FDI Applications
There was a total of 889 FDI projects, an increase of 83% from
the year period, representing a total investment of 325.7 billion baht, up 16%.
Singapore was the top source of
FDI applications with 120 projects, mostly in the E&E industry
by units of Chinese companies, representing 91 billion baht in investment. China ranked second with 321 projects
representing an investment amount of 72.9 billion baht, and
followed by applications from companies based in Hong Kong (67
projects worth 39.6 billion baht),
Japan (138 projects worth
30 billion baht), and Taiwan (59 projects worth 29.5 billion baht.
"In the second half of the year, we expect the global investment
trend to continue to focus on relocation and supply chain
adjustments," Mr Narit said. "This is an important time for
Thailand to compete for global
investment and the BOI will focus on proactively attracting target
sectors and on increasing Thailand's competitiveness in important
areas."
The BOI will focus on sectors including semiconductors and
advanced electronics, data centers, electric vehicles (EV) and
parts, the production of battery cells for EV and Energy Storage
System (ESS), and will intensify its push to promote Thailand as a base for regional headquarters
and talent, Mr. Narit said.
To promote these policies, the BOI plans to conduct roadshows
over the next two months to South
Korea, China, India and Singapore.
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
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