Thailand’s future is looking brighter. Prime Minister Paetongtarn Shinawatra said that during the past ten years,  Thailand attracted more foreign investment in 2024, signaling that better times are coming for the Kingdom’s economy.

The Prime Minister beamed about the turnaround in investment during her weekly radio broadcast to the nation. She said that low levels of foreign investment in recent years were a critical factor in the Kingdom’s relatively low growth rates.

“Don’t be discouraged by the low growth,” the Prime Minister said, noting the economy has been stable and steady, even weathering the pandemic with more resilience than many countries.

Paetongtarn said that in 2024, foreign investments receiving Board of Investment (BOI) privileges were valued at over $33 billion, the highest level in ten years. The total represented a 35 percent increase from 2023.

Since the late 1970s, Thailand has been a favorite in Asia among foreign investors, with overseas funds pouring in, especially during the decade from the mid 1980s to mid 1990s and then in the early 2000s.

However, domestic political turbulence, especially since 2014, caused some foreign investors to take a more cautious approach to the Kingdom, despite most of its economic fundamentals remaining solid.

But, since 2023, when her political party took the reins of government following elections under her predecessor Prime Minister Srettha Thavisin, Thailand has turned a corner, with investors showing renewed interest and commitments in the Kingdom.

Both Prime Ministers Srettha and Paetongtarn have prioritized attracting higher levels of foreign investment, making numerous overseas trips to meet with business leaders in the United States, Europe and Asia.

In fact, TIME magazine dubbed Prime Minister Srettha “The Salesman” on its cover for a profile of the previous Prime Minister in March 2024 because of his relentless efforts to pitch the Kingdom to global business leaders and companies.