Thailand Sees Record $21.6 Billion Investment Influx in 9-Month Period

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BANGKOK — During this 9-month period, Thailand has attracted investment with a value reaching 722.5 billion baht ($21.6 billion), a 42% increase from the previous year, marking the highest investment in 10 years.

On October 21, Mr. Narit Therdsteerasukdi, Secretary-General of the Thailand Board of Investment (BOI), revealed that in the first 9 months of this year (January-September 2024), investment promotion applications have been increasing steadily in both project numbers and investment value.

There were 2,195 projects, up 46% from the same period last year, with a total investment value of 722.528 billion baht, up 42% from the previous year, which is the highest investment in 10 years.

He stated that these investment plans will create more than 170,000 new jobs for Thai personnel, utilize domestic raw materials and components worth about 800 billion baht annually, and increase the country’s exports by over 2 trillion baht per year. These figures reflect Thailand’s potential and strong economic fundamentals, as well as investor confidence in government policies and state support measures, resulting in numerous large-scale investments in new industries.

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Narit Therdsteerasukdi
Narit Therdsteerasukdi, Secretary-General of the Thailand Board of Investment (BOI)

“Both semiconductors and electronic circuits, large data centers, electric vehicles and parts, and renewable energy are all high-quality projects that benefit Thai people. This is what BOI prioritizes more than investment figures, and we estimate that the investment direction at the end of this year continuing into next year will maintain a growth trend,” Narit said.

The top 5 target industries with the highest investment values are:

  • Electronics and electrical appliances: 183,444 million baht
  • Digital: 94,197 million baht
  • Automotive and parts: 67,849 million baht
  • Agriculture and food processing: 52,990 million baht
  • Petrochemicals and chemicals: 34,341 million baht

Foreign Direct Investment (FDI) continues to expand, with 1,449 projects applying for promotion, up 66% from the previous year, and a total investment of 546,617 million baht, up 38% from the previous year.

google data center
Prime Minister Paetongtarn Shinawatra welcomes Mrs. Ruth Porat, President and Chief Investment Officer of Alphabet and Google, at the Government House on Monday evening, September 30, 2024. The tech giant plans to invest $1 billion to build its first data center and cloud region in the country,

The top 5 countries/economic zones with the highest application values are:

  • Singapore: 180,838 million baht (mostly investments from Chinese and American parent companies in electronics and data center industries through their Singaporean subsidiaries)
  • China: 114,067 million baht
  • Hong Kong: 68,203 million baht
  • Taiwan: 44,586 million baht
  • Japan: 35,469 million baht
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Regarding investment certificates issued, in the 9-month period, there were 2,072 projects, up 59% from the previous year, with an investment value of 672,165 million baht, up 101% from the previous year.

The issuance of investment certificates is the step closest to actual investment, with companies typically beginning to gradually invest within 1-3 years after receiving the certificate.

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