Industrial land sales, overseen by the Industrial Estate Authority of Thailand (IEAT), skyrocketed by 182% year-on-year in fiscal 2023 to 5,693 rai thanks to the relocation of foreign production facilities to Thailand and the government's investment promotion.
The numbers exceeded the targeted projection of 2,500 rai from Oct 1, 2022 to Sept 30 this year.
In addition to factory relocation, the sales increase was attributed to more investment in the Eastern Economic Corridor (EEC) and the long-term resident visa policy, which grants a 10-year stay to foreigners, said Veeris Ammarapala, governor of the IEAT.
"Land sales in the EEC amounted to 4,724.8 rai while the remaining 967.7 rai was outside the EEC," he said.
The EEC, which covers parts of Chon Buri, Rayong and Chachoengsao, will be turned into the country's high-tech industrial hub hosting 12 targeted S-curve industries, including new-generation car production and smart electronics.
Mr Veeris set a target of industrial land sales in fiscal 2024 at 3,000 rai, an increase from fiscal 2023.
The EEC is expected to see the highest land sales totalling 2,700 rai, with the remaining 300 rai outside the EEC.
The IEAT currently runs 68 industrial estates nationwide as well as the Map Ta Phut deep-sea port in Rayong. The authority solely owns 15 of the total and co-operates 53 of them with companies.
These industrial estates house 4,828 factories, with accumulated investment of 10.8 trillion baht and the total number of workers standing at 994,696.
Japan was ranked first in terms of highest investment value in Thailand, accounting for 30% of total investment, followed by China (12%), Singapore (8%), the US (6%) and Taiwan (5%).
The IEAT posted revenue of 8.5 billion baht and profit of 3.7 billion baht in fiscal 2023.
The authority continues to expand its business by developing Smart Part industrial estate in Rayong to serve S-curve industries. Its construction is currently 70% complete.
The IEAT announced in 2021 it would develop infrastructure to support renewable energy development, including hydrogen, solar energy and biomass, at the Map Ta Phut and Smart Park industrial estates.
The third-phase development of the Map Ta Phut deep-sea port is 65% complete.