Thailand Sees 70% Surge in Foreign Investment Applications in 2023

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Monday, the Board of Investment (BOI), a government investment agency, revealed that foreign investment applications in Thailand during the first half of this year increased by 70% in value compared to the previous year. The country continues to be favored by global companies as their preferred production base.

Driven by foreign direct investments (FDI) in the electronics, food, and automotive sectors, investment promotion applications reached 364.4 billion baht ($10.37 billion) in the January-June period, with a remarkable 141% year-on-year increase to 304 billion baht ($8.65 billion) in these sectors alone.

China emerged as the largest source of FDI, with applications worth 61.5 billion baht ($1.74 billion), followed by Singapore and Japan, according to the BOI.

The Secretary General of the BOI, Narit Therdsteerasukdi, highlighted the significant growth in foreign investment, particularly in electronics and electric vehicles (EVs), which are prioritized sectors for Thailand. He attributed this trend to foreign investors’ confidence in Thailand’s strong infrastructure, robust supply chain, and solid fundamentals.

The automotive sector received 80 investment applications worth 19.6 billion baht ($556.8 million) during the January-June period, with a focus on parts production and EV charging stations, as reported by the BOI.

Thailand’s comprehensive EV promotion policy has effectively attracted investments from leading global manufacturers and positioned the country as Southeast Asia’s hub for EV manufacturing. The BOI stated that 14 battery electric vehicle (BEV) manufacturers, including China’s BYD Auto, Great Wall Motor, and SAIC, have been granted investment promotion benefits, further solidifying Thailand’s position in the EV market.

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