Prime Minister Srettha Thavisin's recent roadshows to 14 countries to promote investment in Thailand are expected to draw an influx of at least 558 billion baht, according to the Board of Investment (BoI).
BoI secretary-general Narit Therdsteerasukdi said the investments are anticipated to come primarily from four key industries -- digital (250 billion baht), electric vehicles (EV) and components (210 billion baht), electronics and semiconductors (95 billion baht), and logistics (3 billion baht).
Mr Narit said the government has introduced a raft of measures to support the EV industry, including attracting new investors and assisting existing players in adapting to the evolving environment.
As a result, top Chinese firms, including BYD, Aion, Changan, GWM and MG, have picked Thailand as their production base, he said, while four leading Japanese carmakers plan to expand their investments with a combined value of more than 150 billion baht over five years.
He said the government will continue negotiating with US and European EV makers and is in talks with top battery cell manufacturers. At least two top battery manufacturers are anticipated to invest in Thailand this year.
Regarding the electronics and semiconductor industry, the BoI chief said the country has attracted investments in midstream electronic products. It aims to elevate the industry by attracting upstream electronics and promoting electronic design.
On the digital industry, particularly data centres and cloud services, he said at least two investors of hyper-scale data centres are anticipated to invest this year, which will attract other investments over the next 10 years.
Mr Narit said the government will introduce more incentives aimed at drawing top foreign firms to set up regional offices as part of efforts to make Thailand the region's centre of international business, finance and logistics. At least five leading companies are due to set up regional offices here this year.
Applications for BoI investment promotions hit a nine-year high of 850 billion baht in 2023, he said, with FDI up 72%. In the fourth quarter of last year, FDI jumped 145% compared with the same period in 2023.
"BoI incentives are enough to attract foreign investors whether they are tax incentives or other privileges. The signs are clear that we will attract more investment. It is a good thing the prime minister made overseas trips himself because he is at the policy-making level," he said.