Foreign investment in Thailand reached 84 billion baht during the first nine months of this year, with Japan continuing to top the list for investment aimed at developing businesses in the country.
Napintorn Srisanpang, the deputy commerce minister, said the Foreign Business Committee granted permission under the Foreign Business Act to 493 investment applications for the first nine months of 2023, up 13% year-on-year.
However, the investment value dropped by 15% year-on-year.
These investments led to the employment of 5,703 Thai workers, a 41% increase for the period.
The top five foreign investors in terms of investment applications were Japan (111 applications), the US (80), Singapore (77), China (38) and Hong Kong (20).
In terms of investment value, Japan again led the pack at 22.9 billion baht, followed by Singapore at 20.5 billion, China 13.3 billion, Hong Kong 5.36 billion, and the US 3.98 billion.
According to Mr Napintorn, transfer of technology and specialised knowledge from foreign investors to Thais also occurred during the nine months.
This included knowledge related to controlling pressure during petroleum oil drilling, basic techniques for injecting cement into drilling platforms, construction procedures when developing an underground station, electrical and electronic system design for rail projects, wind energy production, and troubleshooting aircraft tyre usage.
He said most of the businesses granted permission during the period aligned with Thailand's infrastructure development and investment promotion policies, aimed at enhancing the country's competitiveness.
These included petroleum drilling services within surveyed areas in the Gulf of Thailand; maintenance and repair services for offshore petroleum wells; design, procurement, installation, improvement, development, testing, integration and operation management services for electric 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; services related to design, testing and maintenance for medical equipment and healthcare facilities; and enterprise software services and digital content as well as international business centres that provide services to affiliated businesses of foreign enterprises.
Mr Napintorn said during the first nine months of this year, 99 foreign investors expressed interest in investing in the Eastern Economic Corridor (EEC), representing 20% of the total number of foreign investors. The value of investment in the EEC tallied 16.1 billion baht, accounting for 19% of the total investment value.
Among the foreign investors in the EEC, 41 were from Japan, investing 6.78 billion baht; 18 were from China, investing 1.99 billion; and six were from Hong Kong, spending 4.04 billion. The remaining 34 investors were from other countries with a combined investment value of 3.37 billion baht.
These investments spanned various sectors such as consulting services for the management of various industrial processes; engineering and technical services; and contracted manufacturing services for metal moulds for automotive component production, contracted manufacturing services for the production of metal parts, and engineering services.
In September, 59 foreign investors were granted permission to conduct business in Thailand, up 22% year-on-year, with a total investment of 18.2 billion baht. Most were from Japan, China and Hong Kong. The enterprises employed 1,219 Thai workers.