Investment applications rose 59 percent in 2021

Investors are seeing all the positives when looking at Thailand as applications for projects with privileges and incentives rose by 59 percent in 2021, according to the Board of Investment (BOI).

Thailand’s technology sector and its developing bio-circular-green (BCG) sector have been significant draws for those investors seeking solid future returns. They were the leading destinations for the $19. 6 billion that investors chose last year.

“Investment applications for BCG activities are continuously increasing as investors take advantage of the promotion measures. Companies operating here are preparing for changes to consumer demand and supply chains after COVID-19 is controlled,” said Duangjai Asawachintachit,  Secretary-General  of the BOI.

“As for FDI (foreign direct investment), we are seeing constant growth in target sectors such as smart electronics, speciality chemicals, bioplastics and the medical cluster,” she added.

FDI accounted for 71 percent of total pledges worth $13.8 billion for a total of 783 project applications, nearly triple the value from the $5.15 billion worth of applications filed in 2020.

The Eastern Economic Corridor (EEC), the Kingdom’s three-province advanced development area spreading across 3 eastern provinces of Chon Buri, Chachoengsao and Rayong, attracted the most applications with $6.7 billion, an increase of 34 percent from 2020.

Prime Minister Prayut Chan-o-cha chaired the most recent BOI meeting, which approved additional incentives to support the country’s position as a regional bio-hub through its bio-economy initiative.

The measures include two new businesses being incorporated on the BOI list of activities eligible for incentives: digital trading platforms for agricultural products and agri-food industrial estates/parks.

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