Following the government’s policy to open the country, there has been a significant influx of foreign investors establishing businesses in Thailand since September 2023.
Karom Phonphonklang, Deputy Government Spokesperson, disclosed that after the government implemented a policy to open the country, Prime Minister Srettha Thavisin has been engaged with foreign investors to instill confidence.
This interaction led to substantial investments in Thailand, thereby creating jobs and increasing the country’s revenue. In September 2023, 59 foreign investors initiated businesses in Thailand, with 22 seeking business licenses for foreigners and 37 requesting business certifications for foreigners, totaling an investment of nearly 18.23 billion baht.
Most investors hail from Japan, China, and Hong Kong, employing 1,219 Thais. These investments also facilitated the direct transfer of specialized technological knowledge from the investing countries to Thailand. This expertise ranges from industrial gas safety, electric vehicle infrastructure design concepts, agricultural machinery, agricultural equipment, and advanced machining techniques for joint operations.
The Deputy Spokesperson further noted from a report assessing permissions for foreign business operations in Thailand under the Foreign Business Act of 1999, that in the first 9 months of 2023, 493 foreign investors established businesses. This breaks down to 166 obtaining business licenses for foreigners and 327 attaining business certifications for foreigners. The cumulative investment value stood at about 84 billion baht, resulting in the employment of more than 5,700 Thai nationals.