Investment in Thailand will continue to increase in the second half of 2024, boosting land sales in industrial estates, despite the recent establishment of a new government, says SET-listed WHA Corporation, Thailand's largest developer of built-to-suit logistics facilities.
Foreign investors should not be seriously concerned about the country's political situation because the state's investment policies usually remain unchanged even though political power has changed hands, said Jareeporn Jarukornsakul, group chief executive and chairman of the WHA executive committee.
She was commenting after Srettha Thavisin was removed from the premiership last week by the Constitutional Court, which found him guilty of a gross violation of ethics for appointing former convict Pichit Chuenban as a cabinet minister.
Mr Srettha's removal resulted in Pheu Thai Party leader Paetongtarn Shinawatra succeeding him amid a major cabinet reshuffle.
Ms Jareeporn believes foreign business people will continue to expand their businesses in Thailand because the government's investment incentive packages continue to attract funds, while geopolitical conflicts and the US-China trade war should cause companies to relocate their production facilities.
"Thailand and countries in Asean are investment destinations for foreign companies, especially those from China, which want to avoid the impact of conflicts between nations," she said.
WHA is planning to revise up its industrial land sales target for 2024, which should be more than 2,275 rai of land, which was projected earlier this year.
In the first half of this year, WHA's total industrial land sales stood at 1,042 rai, comprising 979 rai in Thailand and 63 rai in Vietnam.
The company runs 12 industrial estates in Thailand and plans to expand its existing estates and build new ones spanning an additional 9,430 rai in total.
In Vietnam, WHA operates industrial estates covering 22,815 rai.
During the first half of this year, WHA earned 6.4 billion baht, with profit standing at 2.6 billion baht.
