Thailand is entering a major turning point in its economic development from 2026 onwards, with colossal investments totaling over 2.17 trillion baht, marking the beginning of a new cycle of public investment that will shape the country’s long-term direction.
The Thai government is preparing to propose a comprehensive infrastructure package to the new Cabinet, consisting of 11 projects with a combined budget exceeding 359 billion baht, covering the upgrade of transportation, logistics, and digital economic infrastructure.
The projects are divided into three main categories: six road and expressway projects to enhance the efficiency of travel and freight transport; three double-track railway phase 2 development projects to strengthen the rail system; and development of four airports to support the growth of the aviation and tourism industries.
Big projects are also pending from previous years, awaiting policy decisions from the new government. One closely watched project is the High-Speed Rail Link connecting the three airports (Don Mueang–Suvarnabhumi–U-Tapao), which is currently awaiting Cabinet consideration on solutions for the joint venture contract.
Another massive project is the “Land Bridge” under the Southern Economic Corridor Development Plan, with an investment budget of 990 billion baht. The feasibility study and investment model have already been completed; the only step left is for the Southern Economic Corridor Act (SEC Act) to be pushed forward to pave the way for actual investment.
At the same time, digital infrastructure is emerging as another pillar of the Thai economy. Between 2023 and 2026, data center investment, especially in hyperscale data centers supporting AI and Cloud, is on the rise. The value of investment promotion applications submitted to the Board of Investment (BOI) for 2025–2026 surged to more than 720 billion baht, led by global players such as Amazon Web Services, Microsoft, Google, and TikTok.
Most recently, on January 15, 2026, the BOI meeting, chaired by Mr. Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, approved seven new data center investment projects totaling over 96 billion baht, reaffirming Thailand’s role as a regional digital hub.
Overall, 2026 is set to be a year of “infrastructure acceleration” for both physical and digital systems. If the new government can continuously push these key projects forward, it will provide strong support for private sector investment, employment, and the long-term competitiveness of Thailand.
Mr. Koraphat Vorachet, Assistant Director and Division Head of Research at Krungsri Securities (KSS), noted that stocks benefiting from Thailand’s latest investment cycle are those related to infrastructure, both data centers and major state projects.
Key infrastructure-linked stocks include: 1) Power sector: Gulf Energy Development (GULF) and Global Power Synergy (GPSC); 2) Industrial estate sector: Amata Corporation (AMATA); 3) Banking sector: Bangkok Bank (BBL); 4) Telecommunications sector: Advanced Info Service (ADVANC); 5) Construction sector: CH. Karnchang (CK); 6) Energy and transportation sector: PTT (PTT) and Bangkok Expressway and Metro (BEM).
Additionally, the analyst recommended stocks in the “recovery cycle” that serve as main drivers of short-term ROE, segmented by industry with top picks as follows: 1) Refinery sector: Thai Oil (TOP); 2) Petrochemical sector: Indorama Ventures (IVL) and PTT Global Chemical (PTTGC); 3) Service sector: Asset World Corp (AWC), Airports of Thailand (AOT), CP All (CPALL), and Bangkok Dusit Medical Services (BDMS).
Mr. Koraphat believes Thailand’s stock market ROE is entering an uptrend, after being as low as 7–7.5% during 2023–2024, below the long-term average, due to the new investment cycle for both global and domestic economies, coupled with a recovery in the service sector and more efficient capital structure management.
It is expected that ROE will rebound to at least 9–9.5% during 2026–2027, with the potential to reach 12–13% in the medium term if economic reforms see tangible results.
