Thailand's overall investment applications rose 35% in 2024 to 1.14 trillion baht, a 10-year high, led by foreign investment in data centres and cloud services, the government said on Monday.
Foreign investment pledges alone increased 25% year-on-year to 832 billion baht, the Thailand Board of Investment (BOI) said in a statement.
"Investors’ response to our policy to promote Thailand as a safe and neutral location for large digital sector and smart electronics projects has been very impressive last year," BOI Secretary General Narit Therdsteerasukdi said in the statement.
"We expect this trend to get even stronger in 2025 following the setup of Thailand’s Semiconductor Board and the need for more companies to mitigate risk in view of the current geopolitical situation," he added.
Singapore was the top source of foreign direct investment with 305 projects, mostly in digital services and electronics manufacturing, representing a total investment value of 357.5 billion baht, or 43% of total FDI applications.
China was the second largest source of FDI applications with 810 projects worth 174.6 billion baht led by printed circuit boards, automotive, and metal products manufacturing businesses.