Investments in Thailand up 39 percent in 2022
The results raised optimism about the global business community’s confidence in Thailand’s prospects and about the Kingdom’s recovery from economic challenges caused by the global pandemic. While many other countries’ economies slowed down significantly during the spread of COVID-19, Thailand, for the most part, kept its supply chains up and running.
“The increase in applications last year came in large part from global leaders, such as BYD Auto, Foxconn and Amazon Web Services, showing their confidence in Thailand as a resilient and investor-friendly location for investments in the industries of the future,” said Narit Therdsteerasukdi, BOI Secretary-General.
“This augurs well for 2023, when we expect the same sectors to attract more new investments,” he added.
The BOI said that foreign direct investment (FDI) projects increased by 36 percent from 2021 and accounted for 65 percent of total pledges.
While the breakdown points to Thailand’s strong trade with the East Asia region, it also testifies to the enduring importance of the U.S. as a partner in trade and commerce.
In terms of sectors, electronics and electrical appliances topped the list, with the automotive sector accelerating right behind in 2nd place. Applications for investments in the electric vehicle (EV) supply chain, including pure EV, plug-in hybrid EVs, hybrid EVs, and batteries, amounted to about $1.6 billion. Data centers came in 3rd.
Photo courtesy of https://www.boi.go.th/index.php