Investments by overseas companies registered under the Foreign Business Act (FBA) rose by 73.5% year-on-year in the first six months of 2022, led by Japan, Singapore and the US, driven by the government's investment promotion policy.
Deputy Commerce Minister Sinit Lertkrai said the Foreign Business Committee permitted 284 investment applications by overseas companies in the first half of 2022, up by 7.58%, with combined investments of 69.9 billion baht, up by 73.5% year-on-year.
The investments are mainly in the service business, in which Thailand is open to those from overseas under the Foreign Business Act.
The largest number of investments came from Japan (totalling 71), worth 26.2 billion baht, followed by Singapore (51), worth 10.4 billion baht, and the US (35), worth 2.9 billion baht.
Mr Sinit attributed the higher foreign investments to the government's investment promotion policy and the support given to businesses working in Thailand's targeted industries.
In the first six months of this year, 55 foreign bodies invested in the government's flagship Eastern Economic Corridor (EEC), with combined investments of 29.4 billion baht.
That represented 42% of all foreign investment in the first half.
The Japanese accounted for 24 of the EEC investments with a value of 18.4 billion baht, followed by Singaporeans (6) with a value of 1.79 billion baht, and Americans (4) with a value of 996 million baht. Investors from other countries contributed the rest.
"For the remaining six months of this year, we expect continued foreign investment in Thailand due to the government's investment promotion measures, the state economic stimulus measures, the country's reopening to international tourists, and greater convenience in doing business. These factors will help make the economy recover faster," said Mr Sinit.