Bangkok: The Board of Investment (BOI) of Thailand has unveiled that the number of investment promotion applications in 2024 has exceeded 1.13 trillion baht, marking the highest investment in the past decade. This impressive surge involves over 3,100 projects, setting a new record since BOI's establishment. Amidst ongoing trade tensions between superpowers China and the United States, both nations are showing confidence by shifting their investments to Thailand. Looking ahead to 2025, the trend of investment relocation is anticipated to continue its upward trajectory. BOI is collaborating with partner agencies to enhance investment attraction, positioning Thailand as a crucial economic bridge connecting major global players, and aspiring to establish the country as a leading high-tech industrial hub in the region.
According to Thai News Agency, Mr. Narit Therdsteerasakdi, Secretary-General of BOI, emphasized that 2024 represents a pivotal year for Thailand to establish a new industrial base, which will contribute to the long-term restructuring of the Thai economy. The surge in investment promotion applications is notable, with 3,137 projects reflecting a 40 percent increase from the previous year, and an investment value of 1,138,508 million baht, a 35 percent rise. This growth underscores investors' confidence in Thailand's robust infrastructure, stable electricity with clean energy potential, skilled workforce, comprehensive supply chain, and favorable government support measures.
The top five industries attracting the highest investment values include the digital industry, electronics and electrical appliances, automotive and parts, agricultural and food processing, and petrochemical and chemical sectors. Notably, the digital industry has secured investments worth 243,308 million baht across 150 projects, with significant contributions from data centers and cloud service businesses.
Additionally, sectors requiring substantial investment, such as renewable energy, machinery and equipment manufacturing, and medical equipment manufacturing, are pivotal for economic restructuring. Applications under the Smart and Sustainable Industry measures have also seen substantial growth, with a notable increase in energy-saving initiatives and automation systems.
Foreign direct investment (FDI) continues to expand, with 2,050 projects and a total investment of 832,114 million baht. Singapore, China, Hong Kong, Taiwan, and Japan lead the pack in terms of investment value. The Eastern region of Thailand is the primary recipient of investment, followed by other regions.
The issuance of promotion cards has also risen, signaling an impending increase in real investment in the coming years. Thailand's strategic position amidst geopolitical tensions has solidified its role as a neutral and reliable investment destination, attracting investments from major global economies.
Looking forward to 2025, Mr. Narit highlighted the continued growth of investment trends and Thailand's potential to attract more investments in target industries. BOI is set to advance policies that support the development of future industrial bases, focusing on electric vehicles, advanced electronics, smart devices, and biotechnology, while also reinforcing Thailand's strengths in agriculture, clean energy, and tourism.
BOI's strategic initiatives include collaborating with national boards to foster semiconductor and electric vehicle industries, enhancing industrial development plans, and encouraging technology transfer and joint ventures with foreign companies. The agency plans to strengthen Thailand's industrial base through international roadshows targeting key countries to drive growth and create opportunities for Thai entrepreneurs.