Thailand’s Investment Hits 10-Year High, BOI Reports Record Growth

National —

On October 23rd, 2024, Mr. Jirayu Huangsub, the advisor to the Prime Minister, announced that Thailand’s Board of Investment (BOI) had recorded the highest investment figures in a decade, with significant interest from both local and foreign investors.

During the first nine months of 2024, BOI received 2,195 applications for investment promotion, a 46% increase from the previous year. The total investment value soared to 722.5 billion baht, up 42% from last year’s 500 billion baht.

Major sectors driving the growth include electronics and electrical appliances, with over 180 billion baht, followed by digital, automotive, and agriculture.

Foreign direct investment (FDI) also saw robust growth, with 1,449 projects requesting BOI promotion, marking a 66% increase. The total FDI value reached 540 billion baht, led by Singapore at 180 billion baht, followed by China, Hong Kong, Taiwan, and Japan.

Eastern Thailand, particularly Chonburi, Rayong, and Chachoengsao, received the highest investment at over 408 billion baht, while the central and northern regions also saw significant inflows, remarked Jirayu.

Additionally, 287 projects applied for promotion under the Smart and Sustainable Industry initiative, aimed at helping existing businesses modernize and improve efficiency.

In total, BOI issued 2,072 promotion certificates in the first nine months, signaling that many companies are set to begin their investments in the next 1-3 years. These developments highlight Thailand’s strong infrastructure and economic potential, further boosting investor confidence, according to Jirayu.

This article originally appeared on our sister website The Pattaya News.

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Kittisak Phalaharn
Kittisak has a passion for outgoings no matter how tough it will be, he will travel with an adventurous style. As for his interests in fantasy, detective genres in novels and sports science books are parts of his soul. He works for Pattaya News as the latest writer.