Investment in Thailand bounced back big in first quarter
Investors are betting big on Thailand. The value of investment applications during the first quarter of the year rose by 80 percent compared to the same period in 2020, according to Thailand’s Board of Investment, with foreign firms more than doubling their applications.
The figures bode well for Thailand’s mid-term future. It signals that both domestic and foreign investors have a favorable view of the Kingdom’s economic prospects despite current conditions.
The Kingdom has been endeavoring to create economic growth during the COVID-19 pandemic. Since exports play a substantial part of Thailand’s economy, much efforts have been placed by the Thai government to alleviate adverse effects from global economic slowdown.
Significantly, Thailand’s medical sector attracted the most investment. The Kingdom is a regional medical center and a medical tourism hub. The sector received applications for a total of 29 projects worth over $588 million, a huge increase from the previous year.
The government has made medical research and manufacturing a priority sector for its advanced development strategy and offers generous incentives and privileges to investors in those fields.
The Board of Investment said the value of planned investment in applications submitted in the first quarter of 2021 rose 80 percent to $3.93 billion.
Foreign direct investment projects had a combined application value of $1.98 billion from January through March quarter, a 143 percent increase from the first three months of 2020.
South Korea, China, and Singapore were the top three source countries of foreign direct investment applications, the Board said.
Photo Courtesy of https://www.boi.go.th/