The Industrial Estate Authority of Thailand (IEAT) is set to see its industrial land sales reach a new high of more than 6,000 rai for the second consecutive year, due partly to the state policy to boost investment, especially in the electric vehicle (EV) segment.
In fiscal 2024, which will end at the end of September, the authority has already sold 6,174 rai, marking a new record, compared with 6,096 rai in fiscal 2023, which was a 202% increase over the previous year.
Many factors have contributed to the continuous growth, including the government's efforts to encourage foreign investors to expand their investment in Thailand as well as the promotion of targeted S-curve industries, said Veeris Ammarapala, governor of the IEAT.
S-curve industries include new-generation cars and smart electronics, which are set to be developed within the Eastern Economic Corridor (EEC).
Covering parts of Chon Buri, Rayong and Chachoengsao, the EEC will be turned into Thailand's high-tech industrial hub.
"EVs and their supply chain, along with smart electronics and renewable energy, are key industries that have driven demand for industrial land," said Mr Veeris.
The government has granted EV incentive packages to EV makers and car buyers in order to boost EV production and consumption in the country.
Under its 30@30 policy, Thailand expects EVs to represent at least 30% of total motor vehicle production in the country by 2030 through the production of 725,000 zero-emission cars, 675,000 electric motorcycles and 34,000 electric buses and trucks.
IEAT is positive about its land sales prospects, believing they will continue to grow, partly driven by the impact of geopolitical conflicts.
Conflicts between nations are expected to cause foreign investors, especially Chinese business people, to consider expanding their businesses into Asean countries, including Thailand.
The authority operates 68 industrial estates in 16 provinces and a deep-sea port at Map Ta Phut.
Its industrial estates have so far drawn investments worth over 17 trillion baht, generating more than 953,000 jobs.