Investment applications up 31% in Q1

investment projects BOI
Narit Therdsteerasukdi, secretary general to the Board of Investment (BOI)

Investment applications in the first quarter of 2024 soared in both the number of projects with 724 projects valued at 228.20 billion baht, and rose by 31 %. Reflecting the potential of Thailand is ready to move forward into a golden year of investment.

The top ranked applications are the electronics industry, followed by automotive and parts, petrochemicals and chemicals.

While foreign direct investment (FDI), Singapore ranks number one, followed by China and Hong Kong. 

Narit Therdsteerasukdi, secretary general to the Board of Investment (BOI) said that the direction of investment in Thailand still has a rising trend and continued to grow in the first quarter.

Investment has increased ranging from applications, approval and issued certificate projects.

And the increasing both the number of projects and funds.

There were 724 application projects, an increase by 94 % compared to the same period last year.

So total investment value was 228.20 billion baht, increased by 31 %, reflecting Thailand’s potential and investor confidence.

“The rising trend is a result of the government moving forward to attract investment from leading companies around the world. The government continues solving trade and investment obstacles.

The BOI’s announcement of measures to promote investment in various fields.

However the risks from geopolitical conflict problems also drive the trend of moving production bases in a bid to reduce their threat.” Siad Mr Narit.

New technology investment

There are also new technologies following global trends, such as electric vehicles and parts, semiconductor and electronic circuit boards, renewable energy and data centers to support the expansion of AI and transformation going digital.

Electronics and electrical appliances are the highest investment value with 77.19  billion baht. The second is automotive vehicles and parts 21,32 billion baht. The third is petrochemicals and chemicals valued at 17.67 billion baht. The fourth is Digital with 17.49 billion baht. The fifth is agriculture and food processing worth 13.27 billion baht.

For the electronics industry which is the highest value. Most of the investment is in the producing printed circuit boards (PCB),    manufacturing upstream semiconductors (wafer fabrication) of silicon carbide for power electronics, and smart electronic and electrical appliances.

However Foreign direct investment (FDI) continues to expand. There were 460 projects, an increase of 130 %, with a total investment value of 169.32 billion baht, an increase of 16 %.

 The top 5 with the highest value were Singapore of 42.53  billion baht; followed by China with 34.67 billion baht.

And Hong Kong with 26.57 billion baht; 19.96 billion baht of Taiwan, and  17.24 billion baht of Australia, respectively.

In terms of area, most application are in the central region with  97.65 billion baht, followed by the eastern at 95.11 billion baht.

The northern at 17.66 billion baht, northeast of 7.84  billion baht, southern region 7.04 billion baht.

And western region 2.88 billion baht, respectively.

Approved projects worth 254.92 bn

For approved projects in the first quarter this year, there were 785 projects with a total investment of 254.92 billion baht, an increase by 6 %.

The agency projected that it will increase the export value by more than 600 billion baht a year.

Domestic raw materials are used approximately 240 billion baht a year.

Accounting for approximately 50 % of the total value of raw materials, and creating 50,000 Thai jobs.

The actual investment also increased significantly, with a total of 647 projects with 256.93 billion baht, an increase of 107 %.

“This timing is important and is a golden opportunity for Thailand in attracting industrial investment.

 This is a new goal to lay the foundation of the Thai economy in the long term.

We believe that Thailand has the potential to become a regional investment center because it is outstanding in many aspects.

They are in the areas of infrastructure, electrical stability and readiness in clean energy, strong supply chain, and a good environment.

The other are facilitating information for entering working and living conditions for foreign executives and experts, and government’s support measures. Said Mr Narit.


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