BANGKOK: Thailand's investment applications in the first nine months of this year rose by 22 per cent from the previous year, driven by foreign projects in the Electrical and Electronics (E&E), automotive, agriculture and food sectors.
Thailand's Board of Investment (BOI) received a total of 1,555 project applications between January to September this year, a 31 per cent increase in value to a total of 516.8 billion baht (100 baht=RM13.20).
BOI secretary-general, Narit Therdsteerasukdi, said from January to September this year, Foreign Direct Investment (FDI) project applications increased by 49 per cent to 910 projects worth 398.5 billion baht.
He said China emerged as the largest source of FDI applications with a total investment pledge of 97.4 billion baht for 264 projects.
This was followed by Singapore (133 projects with combined investments of 80.2 billion baht), and Japan (176 projects worth 43.1 billion baht in investments).
"The approved investment projects this year are expected to contribute 2 trillion baht per year of export value and generate employment for over 100,000 positions.
"The E&E sector, followed by agriculture, food, and biotechnology, are anticipated to be the leading employment sectors in the future," he said at a press conference today (November 9).
In the first nine months of this year, the E&E industry secured the top position among the sectors, with 171 projects with an investment value of 208.2 billion baht.
The agro-industry and food processing sector came second with 213 projects and a combined value of 55.7 billion baht.
The automotive and parts industry saw 151 investment applications, reaching 42.2 billion baht.
Narit said the positive response from foreign investors reflects their trust in Thailand's potential.
"The BOI's focus on strategic sectors and the nurturing of an innovative ecosystem has made the country increasingly appealing for investors," he said.
Narit said the BOI is taking proactive measures to expand its reach and support to bolster Thailand's allure for foreign investments.
He said the BOI intends to augment its workforce and establish additional offices in selected countries and regions, encompassing Riyadh in Saudi Arabia, Chengdu in China, and Singapore. — BERNAMA