Thai business owners say that China’s reopening has led to a sharp rise in demand for industrial land and the tourism industry.
The Board of Investment of Thailand reports that from January to March, foreign investment applications more than doubled to 155.3 billion baht (S$6.1 billion), with companies from South Korea, Singapore, and China leading the way.
Data also showed that during the first quarter, Chinese companies increased their investment requests by 87%, reaching a total of 25 billion baht.
On Friday, WHA Corporation Pcl., or WHA Group, Thailand’s largest industrial estate developer, forecast that the reopening of borders will lead to a rise in interest from Chinese investors looking to purchase property in Thailand and build new factories.
CEO Jareeporn Jarukornsakul said that the majority of Chinese demand comes from companies establishing factories to produce electric vehicles, auto parts, and electronics.
Currently, WHA manages 12 industrial parks across Thailand and Vietnam, with an additional 4 in the development stages.