Foreign investment tallied 45.4 billion baht in the first five months of this year, with Japan topping the list in terms of spending to develop businesses in Thailand.
Japan's investment value totalled 15.9 billion baht, followed by China at 11.5 billion, then Singapore at 6.35 billion, according to the Commerce Ministry report.
Thosapone Dansuputra, director-general of the Business Development Department, said the Foreign Business Committee granted permission under the Foreign Business Act to a total of 274 investment applications in the first five months of 2023, up 16% year-on-year.
The investment of 45.4 billion baht marks a drop of 18% from the same period the previous year.
This investment led to the employment of 2,999 Thai workers, a decrease of 23 workers.
The top five foreign investors comprised Japan (63 applications) with an investment of 15.9 billion baht; China (19 applications) with an investment of 11.5 billion; Singapore (46 applications) with an investment of 6.35 billion; Hong Kong (12 applications) with an investment of 2.99 billion; and the US (48 applications) with an investment of 2.45 billion.
According to Mr Thosapone, the majority of businesses granted licences this year are aligned with the country's infrastructure development or investment promotion policies aimed at enhancing the country's competitiveness.
These businesses include petroleum drilling services within surveyed areas in the Gulf of Thailand; design, procurement, installation, improvement, development, testing, integration and operation management services for railway projects; construction, installation and testing services related to natural gas pipelines and gas control stations, as well as various facilities for onshore natural gas transmission systems; and e-commerce services and international business centres that provide services to affiliated businesses of foreign enterprises.
He said for the first five months this year, there were 48 foreign investors interested in outlays in the Eastern Economic Corridor (EEC), accounting for 18% of the total number of foreign investors.
The total investment value in the EEC amounted to 9.44 billion baht, which represents 21% of the total investment.
Among the foreign investors, 19 were from Japan, with an investment of 3.26 billion baht; nine were from China, with an investment of 752 million baht; and three from Hong Kong, with an investment of 2.92 billion.
The remaining 17 investors were from other countries, with an investment totalling 2.50 billion baht.