Thailand investment privileges jump 39% driven by FDI in EV, data centres

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https://www.nationthailand.com/thailand/economy/40024113

Thailand investment privileges jump 39% driven by FDI in EV, data centres

Thailand investment privileges jump 39% driven by FDI in EV, data centres

WEDNESDAY, JANUARY 18, 2023

The Thailand Board of Investment (BOI) provided investment privileges for 2,119 projects worth 664.63 billion baht last year, said government spokesman Anucha Burapachaisri on Wednesday.

The number of projects rose 41% from the previous year while the worth of privileges rose 39%.

The BOI attributed the jump in investment privilege applications to the improving Covid-19 situation that had restored economic activities and investments to almost pre-pandemic level.

The government also rolled out measures to promote key industries, including electric vehicle (EV) manufacturing, power generation, and data centre businesses, said Anucha.

Thailand investment privileges jump 39% driven by FDI in EV, data centres

The BOI said foreign companies accounted for 65% of investment privileges, worth a total 433.97 billion baht – a 36% rise from the previous year.

China was Thailand’s biggest foreign investor with 158 projects worth over 77.38 billion baht, or 15% of total foreign investment. Japan was second with 293 projects worth 50.76 billion baht, while the US was third with 33 projects worth 50.29 billion baht.

Industries attracting most foreign investment last year were electrical appliances, electronics, petrochemicals, chemicals, and automotive components.

“Prime Minister Prayut Chan-o-cha is confident that Thailand’s economy will continue to grow this year based on increasing confidence among Thai and foreign investors,” said Anucha. “The government is committed to upgrading the country’s industrial infrastructure and improving regulations to facilitate investment across various industries in a bid to recover our economy, promote employment and enhance the quality of life of all citizens.”

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