The government is targeting investment value of 450 billion baht in 2016, boosted by confidence that this year's target of 210 billion will be met.
Clearer investment regulations and privileges will attract investors, especially foreigners, to begin investing in Thailand, said Deputy Prime Minister Somkid Jatusripitak.
"We [the government] are confident that total investment value will reach the target of 450 billion baht next year," he said. "That will be a further rise from about 210 billion baht of investment value we expect to have this year."
The global economy is expected to recover and add impetus to investment, Mr Somkid said.
Somkid: Global economy to rebound
The Japanese rank as the biggest foreign investors in Thailand, accounting for about 30% of all foreign direct investment (FDI).
The government intends to target other foreign investors, including those from China, Germany, India, Scandinavia and Asean.
"All government bodies, including the Board of Investment (BoI), the Foreign Affairs Ministry and the Commerce Ministry, will work together to promote investment," Mr Somkid said, adding that the private sector has also been asked to take part.
He noted Thailand's strong potential to improve tourism and other service industries such as medicine and e-commerce.
With the higher investment target and many projects planned to attract investment, the BoI has been promised a budget of 10 billion baht in fiscal 2017, up from 8 billion in fiscal 2016, said secretary-general Hiranya Suchinai.
She said the BoI would work with the government to promote targeted industries such as automotive, electronics, wellness tourism, agriculture, biotechnology, food processing and robotics.
From January to October of this year, the BoI approved 828 investment projects with a total investment value of 179 billion baht.
According to Industry Minister Atchaka Sibunruang, the petrochemicals cluster is expected to make strong progress in the next few years.
Several companies in the cluster have plans to start investing, including PTT Global Chemical, Dow Chemical, Siam Cement Group and IRPC.
Mrs Atchaka expects 100 billion baht in additional investment value from the petrochemical cluster in 2016.