Foreign investment soars by 65 percent in first half of 2022
Foreign investors believe in Thailand’s future. Overseas businesspeople have driven a 65 percent rise in foreign direct investment during the first half of 2022 as the Kingdom sustains and builds on its post-pandemic economic rebound.
“Foreign investors are still investing in Thailand, showing their confidence in the country’s potential,” said Anucha Burapachaisri, a government spokesperson.
Among those confident in the Kingdom are American investors. The U.S. was the 3rd largest source of funds following Japan and Singapore.
In total, those investors funneled $2.01 billion into businesses based in the Kingdom between January and July this year for a 65 percent increase compared to the same period last year. That is good news for Thailand as its economy has recovered from adverse effects of the global pandemic and the global investment environment has become more competitive in recent years.
Investment is one of the three main pillars on which the Thai economy is built, along with exports and consumption. Global business people have long favored Thailand because of its open economic policies, strategic location, well-developed infrastructure, attractive investment incentives and cost efficiency.
Of the $2 billion, over $814 million was invested in the Eastern Economic Corridor (EEC). The corridor is Thailand’s showcase advanced development zone, a three-province home to high-technology and green industries just east of the capital Bangkok.
Most analysts are forecasting that Thailand’s economic growth this year will be stable at somewhere above 3 percent. That figure should continue to rise as tourism, which accounts for 10 percent of the country’s growth directly and as much as 20 percent indirectly, continues to pick up steam from international travel.