The value of Thailand's investment applications in the January-September period dropped 14% from a year earlier to 439 billion baht, falling from a high base in 2021, the Board of Investment (BOI) said on Monday.
The number of applications rose 8.5% in the first nine months from a year earlier, however, with the overall value down from 2021 when there were several large power generating projects worth a combined 150 billion baht, BOI head Narit Therdsteerasukdi said.
Foreign direct investment (FDI) applications decreased 25% from the year earlier to 275.6 billion baht, the BOI said.
The main source was China, with 45 billion baht, followed by Taiwan, Japan, the United States and Hong Kong.
FDI applications from China, Hong Kong and Taiwan were for the manufacturing of new electric vehicles (EV) and parts, the BOI said, adding major EV investments announced in Thailand this year included plants by BYD and Foxconn.