Thailand saw a surge in investment project proposals, led by electrical appliances and electronics, during the first half of 2024, with total proposals soaring by 64% year-on-year, worth 458 billion baht, says the Board of Investment (BoI).
From January to June, the number of investment applications submitted to the board stood at 1,412, up from 863 applications in the same period last year.
The investment value rose by 35% year-on-year from around 340 billion baht.
"In the first half, the BoI saw continued growth both in terms of the number of projects and investment value, reflecting the economic potential of Thailand and investors' confidence in our country as a safe and resilient production base," said Narit Therdsteerasukdi, secretary-general of the BoI.
The highest number of projects was in the electrical appliance and electronics industry with 181 projects worth some 140 billion baht.
The electrical appliance and electronics applications included 31 projects for the production of printed circuit boards (PCB) worth a combined investment value of 39.7 billion baht, eight projects for the production of smart appliances and smart electronic products valued at 38.2 billion baht, as well as three projects for the production of optical modules and devices with a combined investment value of 13.8 billion baht.
Thailand has strong potential to become a leader in PCB manufacturing because it is the largest PCB manufacturing country in Asean and it is the fifth largest producer of PCBs in the world, according to the BoI.
The automotive and parts sector saw 140 projects worth 39.9 billion baht, while the agriculture and food processing sector saw 157 projects worth 33.1 billion baht and the digital sector saw 63 projects worth 25.1 billion baht.
Foreign direct investment (FDI) increased by 83% year-on-year to 889 projects, representing a total investment of about 326 billion baht, an increase of 16%, said Mr Narit.
Singapore was the top source of FDI applications with 120 projects, mostly in the electrical appliance and electronics industry by units of Chinese companies, representing 91 billion baht.
China was ranked second with 321 projects representing an investment of 72.9 billion baht, followed by Hong Kong (39.6 billion baht), Japan (30 billion baht) and Taiwan (29.5 billion baht).