Investment applications in Thailand surged 70% so far this year, the Board of Investment (BOI) said on Monday, mainly due to the initiatives of foreign investors in the electronics, food, and automobile industries.
During the first half of 2023, the Board of Investment (BOI) reported that investment applications totaled 364.4 billion baht and that foreign direct investment increased 141% year-over-year to 304 billion baht.
According to the report, China invested 61.5 billion baht in projects, making it the largest investor in the first six months, followed by Singapore (with 59 billion baht) and Japan (with 35.3 billion baht).
The increase in first-half investment applications was aided by the automotive and related parts industries, with 80 investment projects totaling 19.6 billion baht.
Thailand is already a key hub for regional automobile production, and now it aims to become a major hub for electric vehicle production in South-east Asia.
China’s BYD and Great Wall Motor are two companies whose EV production investment plans have been greenlit so far.