Thailand investment value surges 77% with South Korea as top foreign investor

Investment in Thailand experienced a significant surge in the first quarter of the year, with a 77% year-on-year increase to 185.7 billion baht, primarily driven by 397 project proposals. The Board of Investment (BoI) revealed that South Korea emerged as the leading foreign investor during this period.

Foreign investment constituted 155.2 billion baht of the total investment, marking a 115% year-on-year growth. Narit Therdsteerasukdi, secretary-general of the BoI, said…

“South Korean investors were ranked first, with investment worth 31.4 billion baht.”

Singapore came in second with 29.7 billion baht, followed by China with 25 billion baht, and Japan with 24.7 billion baht.

The rise in investment value has been attributed to the easing of pandemic restrictions and the government’s decision to fully reopen the country for foreign business people. Furthermore, numerous international companies have opted to relocate their production facilities to Thailand to circumvent the impact of geopolitical conflicts.

Narit said…

“Investment in the electronics sector continued to increase due to attractive investment incentives and the BoI’s investment promotion under its five-year strategy.”

The investment value of electrical appliances and electronic devices reached 94.7 billion baht, making up the largest share of targeted industries valued at 154.4 billion baht in total. This represented 83% of the overall investment value.

The BoI’s strategy for 2023 to 2027 aims to support investments in high technology, green and smart industries, as well as businesses driven by creativity and innovation, which are expected to contribute to the new economy and enhance competitiveness.

From January to March, the BoI recorded an investment value of 4.4 billion baht in sustainable and smart industries, with renewable energy projects accounting for 3.3 billion baht. In terms of geographical distribution, the Eastern Economic Corridor, covering parts of Chon Buri, Rayong, and Chachoengsao, witnessed an 84% year-on-year increase in investment value, amounting to 101 billion baht from 128 projects.