U.S. among top foreign investors as Thailand reaps big gains
Investments in Thailand by foreign businesses soared by nearly 75 percent during the first half of 2022 compared to the same period last year as companies from Japan, Singapore and the U.S. led the way in securing opportunities in the Kingdom’s service sectors.
Investment is one of the three key pillars of the Thai economy, along with exports and consumption. The sharp rise in the value of foreign investments is a sign that global businesses still see the Kingdom as a competitive location for their operations.
The figures released by the Ministry of Commerce reflect investments mainly in Thailand’s service industries under the Foreign Business Act. The Board of Investment usually publishes statistics on overall investments in the Kingdom, including manufacturing.
Deputy Commerce Minister Sinit Lertkrai said that the Ministry approved 284 investment applications by overseas companies in the first half of 2022. While the number of new investments only rose by 7.58 percent, the value of those combined investments was a whopping 73.5 percent higher. The dollar figure for the total was $1.89 billion.
Japan was responsible for the lion’s share of new investments with 71 valued at $711 million, followed by Singapore’s 51 investments worth $282 million and the U.S. with 35 projects worth $78 million.
The Eastern Economic Corridor (EEC) was a strong magnet for those pouring funds into the Kingdom. The showcase advanced industry zone just east of Bangkok drew 42 percent of the total investments in the first half of this year.
“For the remaining 6 months of this year, we expect continued foreign investment in Thailand due to the government’s investment promotion measures, the state economic stimulus measures, the country’s reopening to international tourists, and greater convenience in doing business,” said Deputy Commerce Minister Sinit Lertkrai.
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