The Board of Investment (BoI) has revised up the target for new investment to 550 billion baht this year, from the previous target of 450 billion baht, due to expected rising interest from Asian investors, according to Deputy Prime Minister Somkid Jatusripitak.
Speaking at a meeting to provide guidelines for BoI officials abroad, Mr Somkid said the agency would need to rev up its policies and action plans at both domestic and overseas offices to attract new investment, especially from Asia.
"Thailand has a good environment to attract new investment as the government has launched several projects to promote and stimulate investment. The recent acceptance of the new draft constitution will lend further support to the economy, signalling that Thailand is politically stable. This will boost confidence among investors," Mr Somkid told the officials.
There are 14 BoI officials abroad, one each at its offices in Beijing, Frankfurt, Guangzhou, Los Angeles, Mumbai, New York, Osaka, Paris, Seoul, Shanghai, Stockholm, Sydney, Taipei and Tokyo.
Mr Somkid added that the Eastern Economic Corridor, the government's latest project, would add to Thailand's appeal in the eyes of foreign investors.
He said the government had urged the BoI to focus on attracting new investment from Asian investors, mainly from Japan, India, South Korea and Singapore, since the continent's economies continue to grow at a healthy pace while the economies of the US and Europe still face turbulence.
He said the BoI should rev up its plan to promote investment and the plan should be completed within a month.
"The plan should be finalised soon, and the government promises to provide full support in order to help promote new investment," he said.
็There have been good signs that foreign investors are still interested in investing in Thailand as the country is seen as the centre of Asean, Mr Somkid added.
Secretary-general Hiranya Suchinai said the BoI planned to hold 17 roadshows overseas during the second half of the year to woo investors and push new investment to reach the revised target of 550 billion baht.
"The BoI is now focusing on 70 large foreign companies with high-technology and innovations," she said.
The first seven months of the year saw applications for 853 projects with a total investment value of 320 billion baht, up 218% from the same period last year.