Thailand’s business appeal remained robust in the new year, with foreign direct investors committing almost $200 billion in approved projects in January, an increase of nearly 40 percent over the same month in 2023.

January’s figures showed that Thailand continued to buck the trend on foreign direct investment (FDI). The Kingdom enjoyed a 43 percent increase in investment applications in 2023, compared to a 9 percent fall for developing economies, according to the United Nations Conference on Trade and Development.

The results clearly indicate that the global business community has confidence in Thailand as an investment destination and in its prospects for growth. Investment is one of the three key pillars of the Thai economy, along with exports and consumption.

The United States was the fourth-largest source of FDI in Thailand in January. Americans invested in six projects worth a total of $724,000. Their funds went into businesses engaged in website and application design, management and consulting, and retail companies in chemicals, seasonings and food additives.

The Department of Business Development said that 54 foreigners or foreign concerns invested in projects in January, up by two year on year.

Fifteen of the investors or groups were from Japan. They plowed $105 million into mostly service-related businesses, including e-commerce platforms. Singapore came in second, with seven approved projects worth $30 million. They included data centers, contracted manufacturers for electricity from solar energy, and software development for human resources and salary management.

China was the third-largest source of foreign investment in Thailand in January, with seven projects valued at $21.4 million, while Hong Kong followed the U.S. in fifth place with four projects worth $7.3 million.