Top story: pledges by local and foreign investors in Thailand rose by 39% to reach $20bn in 2022, the prime minister Gen Prayut Chan-ocha (pictured) announced at a board meeting in January. Image via Thailand’s Board of Investment
Thailand saw pledges by local and foreign investors jump 39% last year compared to the previous year, the country’s Board of Investment (BOI) announced on January 13.
Investment applications in the country reached Bt664.6bn (around $20bn), boosted by significant foreign direct investment (FDI) funnelled to key sectors including electronics, the electric vehicle (EV) supply chain and data centres.
The numbers came after a board meeting that also approved a new “coordination mechanism” to smooth the way for multinational companies to set up regional headquarters in Thailand.
The increase, which almost entirely zeroed in on Thailand’s Eastern Economic Corridor, came “in large part from global leaders, such as BYD Auto, Foxconn and Amazon Web Services,” said Narit Therdsteerasukdi, secretary general of the BOI, in a statement.
Chinese investors were the most active, topping the FDI rankings with 158 projects worth a combined Bt77.4bn. Japan investors placed second with 293 projects worth Bt50.8bn, followed by the US (33 projects worth around $1.52bn) and Taiwan (68 projects worth $1.37bn).
Chinese investors are also showing more interest in Southeast Asia, notably in the Philippines’ renewable energy sector. Nine companies, including state-owned China Energy Group, pledged $13.7bn to move into the country after regulations eased to allow for 100% foreign ownership in solar and wind projects.