Local and foreign businesses seeking investment privileges in Thailand hit a five-year in 2023, according to the Board of Investment (BOI), as applications to the agency soared by 43 percent over the previous year. The increase underscores the resilience of the Kingdom’s post-pandemic economic rebound.

BOI Secretary General Narit Therdsteerasukdi attributed the dramatic increase to two main factors: a trend in key industrial sectors to relocate because of ongoing geopolitical issues and the Thai government’s aggressive investment promotion policy.

Total applications from local and foreign investors amounted to $23.8 billion. On its own, foreign direct investment reached $18.6 billion in 2023, a 72 percent increase in value compared to 2022.

“Thailand’s potential and readiness, together with the new five-year investment promotion strategy and measures, have attracted large investments by companies seeking to relocate to a safe and resilient long-term base for their investments,” Secretary General Narit said.

He also credited the increased investment applications to Prime Minister Srettha Thavisin’s many trips abroad during his first year in office. The Prime Minister met with top executives from dozens of leading corporations and pitched Thailand as an excellent place to invest and do business.

Much of the new investment is in the five sectors the Thai government is prioritizing for advanced development: bio-circular-green industries, electric vehicles, smart electronics, digital industries, and creative industries.

Together, they attracted 759 applications, worth a combined $13.8 billion of investment, or 58 percent of the total value of investment pledges.

China was the leading foreign investor in Thailand in 2023, with Singapore in second place and the United States ranked third with 40 projects valued at $2.3 billion. Japan was in fourth place, followed by Taiwan.

Photo courtesy of https://www.boi.go.th