Foreign applications to BoI see sharp hike in first quarter

Foreign applications to BoI see sharp hike in first quarter

Board of Investment secretary-general Duangjai Asawachintachit. (Photo by Pornprom Satrabhaya)
Board of Investment secretary-general Duangjai Asawachintachit. (Photo by Pornprom Satrabhaya)

The Board of Investment (BoI) reports foreign investment applications for government incentives in the first quarter rose sharply by 253% to a total value of 84.1 billion baht.

There were 245 applications, marking an 8% increase.

Duangjai Asawachintachit, secretary-general of the BoI, said Japan submitted the most applications with 55 projects, totalling 26.9 billion baht. China was second with 38 applications for a combined 9.07 billion baht.

In third place was Singapore with 29 projects worth 5.45 billion baht.

"Some 29% of the foreign applications went to home appliance and electronics projects in the first three months, while 30% of the foreign application value went to mining, ceramic and metal sectors for the period," she said.

The BoI reported overall investment applications during January to March totalled 387 projects, a 12% rise from the same period last year while the combined value stood at 128.9 billion baht.

199 applications, equal to 51% of the total, were for the government's 12-targeted industries with a combined value of 58.8 billion baht.  

Services and utilities projects had the most applications at 129 projects, one-third of total applications, valued at 46.9 billion baht. Home appliances and electronics had 81 projects totalling 22.3 billion baht.

Metal, machinery and transport equipment came in third with 65 projects worth 15.3 billion baht.

The agricultural and processed-product sector was next with 52 applications valued at 7.37 billion baht.

In 2018, the BoI reported applications filed for promotional privileges amounted to 902 billion baht, 43% higher than 2017.

Some 84% of the applications were in the government's 12 targeted industries, with a total value of 758 billion baht.


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