Thailand saw the value of new investment project proposals soar by 42% year-on-year during the first nine months of 2024 to a combined 722.5 billion baht, the highest level recorded since 2015, according to the Board of Investment (BoI).
The uptick in value was particularly apparent in the electronic products and data centre sectors. The adjusted investment value stood at 509.4 billion baht in the corresponding period last year.
From January to September this year, applications for 2,195 projects, up from 1,501 projects in the corresponding period last year, were submitted to the board for investment incentives, which were launched to help drive up investment in the country.
Large projects in target sectors such as electrical appliances and electronics (E&E), and digital businesses, mostly data centres, led the rankings due to a significant influx of foreign direct investment (FDI).
"This clearly demonstrates the rising confidence of investors in key tech industries that Thailand is strategically located, and is a safe and resilient place that's best for their businesses," said Narit Therdsteerasukdi, secretary-general of the BoI.
FDI during the nine months increased 38% year-on-year to 546.6 billion baht in value.
Applications for projects in targeted industries accounted for 68% of the total investment value, led by the E&E sector with 291 projects worth a combined 183.4 billion baht, followed by the digital sector with 107 projects worth 94.2 billion baht, and the automotive and parts sector with 212 projects worth 67.8 billion baht.
Singapore was the top source of FDI with applications worth 180.8 billion baht, more than double the 79.7 billion baht seen in the corresponding period last year, mostly due to large investments in E&E and data centres by units of Chinese and American firms.
China ranked second with 114.1 billion baht, up 18% from 96.5 billion baht a year earlier, and this was followed by applications from firms in Hong Kong (68.2 billion baht), Taiwan (44.6 billion baht) and Japan (35.5 billion baht).