Pledged investment up 140 percent in first three quarters
Businesses are betting on a bright future in Thailand, and that includes American businesses. Applications to invest in the Kingdom increased by 140 percent through the first nine months of 2021, exceeding the amount for all of last year.
Foreign investors were among the most confident in the Kingdom, more than tripling their pledges compared to last year, according to the Board of Investment (BOI). Japan, the U.S. and China accounted for the top three in terms of new total investment, the Board said.
“Despite the impact of the COVID-19 pandemic and related travel measures, investors show sustained confidence in Thailand and in our key target sectors,” said Duangjai Asawachintachit, BOI Secretary-General.
For the first nine months of this year, total investment applications were valued at $15.6 billion for the 140 percent increase over all of last year. More than $11 billion of that total came from foreign direct investors, a surge over the $3.5 billion applied for during the first nine months of 2020.
Admittedly, investment applications fell drastically last year because of the global pandemic, so this year’s increases are coming from a low base. Nonetheless, the renewed investment is a strong signal that investors, and especially foreign investors, are optimistic about the future of doing business in Thailand.
Duangjai said that she expected investment applications to reach nearly $18 billion for the full year this year. The fact that pledges were up in most sectors, and especially by the electrical and electronics, medical and chemical sectors, were a good sign that the economy had started to recover, she said.
Photo courtesy of: https://thaiembdc.org/2019/05/21/boi-reports