Thailand investments attract 45 billion baht in foreign funding

In the first five months of 2023, Thailand received foreign investments amounting to 45.4 billion baht, with Japan being the largest spender in the development of businesses in the country. The figures released by the Commerce Ministry show Japan’s investments reaching 15.9 billion baht, followed by China at 11.5 billion baht, and Singapore at 6.35 billion baht.

The Business Development Department’s Director-General, Thosapone Dansuputra, stated that the Foreign Business Committee approved a total of 274 investment applications under the Foreign Business Act within the period, revealing a 16% increase compared to the previous year. However, the total investment of 45.4 billion baht showed an 18% decrease from the same timeframe in the preceding year, Bangkok Post reported.

These investments have created employment opportunities for 2,999 Thai nationals, albeit a reduction of 23 positions. The top five foreign investors include: Japan, with 63 applications and 15.9 billion baht invested; China, with 19 applications and an investment of 11.5 billion baht; Singapore, with 46 applications and an investment of 6.35 billion baht; Hong Kong, with 12 applications and an investment of 2.99 billion baht; and the US, with 48 applications and an investment of 2.45 billion baht.

Thosapone explained that most of the businesses granted licences during the year align with Thailand’s infrastructure development and investment promotion policies designed to enhance the country’s competitiveness. He cited businesses involved in petroleum drilling services in the Gulf of Thailand, railway project services, natural gas pipeline construction, e-commerce services and international business centres catering to foreign enterprise affiliates.

In the first five months of the year, 48 foreign investors expressed interest in investing in the Eastern Economic Corridor (EEC), contributing to 18% of the total foreign investors. The EEC saw a total investment of 9.44 billion baht, representing 21% of the overall investment.

Out of those investors, 19 were from Japan, contributing 3.26 billion baht; nine from China, investing 752 million baht; and three from Hong Kong, investing 2.92 billion baht. The remaining 17 investors from other countries brought 2.50 billion baht worth of investments to the EEC.