Foreign direct investment (FDI) applications fell 29% in the first nine months of this year to 118.5 billion, as investors were deterred by the pandemic.
The Board of Investment reported on Wednesday the number of foreign direct investment applications totalled 657 projects, compared with 665 projects in the same period of last year.
Japan remains Thailand's biggest investor, with 139 projects worth 37.5 billion baht, followed by China's 21.2 billion baht for 129 projects.
The Netherlands brought in 62 projects worth 17.5 billion baht, while Singapore applied for 76 projects worth 12 billion baht and Taiwanese investors applied with 37 projects worth 9.5 billion baht.
The FDI applications contributed 60% of the total number of projects and 53% of total investment value pledged during January-September.
In the first nine months of this year, combined domestic and foreign investment applications declined by 15% from a year earlier to 223.7 billion baht, due to a smaller average size of projects.
The number of combined investment for the period tallied 1,098 projects, up from 1,088 projects.
Last year, total investment applications in 2019 were 756 billion baht worth from 1,624 projects.
Duangjai Asawachintachit, secretary-general for the BoI, said investment applications to targeted sectors, which include the electrical and electronics segment, food, automotive and medical, continued to increase in number.
The targeted industries represent 58% of the total value of applications. Electrical and electronic ventures saw the most investment, with 106 projects worth a total of 37.6 billion baht, followed by agriculture and food processing with 114 projects worth a total of 26.9 billion baht, and the automotive industry, with 63 projects worth a total of 20 billion baht.
The medical sector saw 65 project applications, worth 14.7 billion baht in total.
"The medical sector continues to show a strong performance as investors have quickly adjusted to the situation and built upon Thailand's medical and research capabilities," said Ms Duangjai.
New investments made up 47% of applications during this period, while the remaining 53% of applications were for the expansion of existing projects.
The Eastern Economic Corridor (EEC) area attracted 313 projects worth a total investment value of 109.4 billion baht, or 49% of total applications.