Thailand's private investment applications in January-March more than tripled from a year earlier to 205 billion baht, mainly for projects in the country's industrial east, the investment promotion agency said on Wednesday.
That is good news for Southeast Asia's second-largest economy, which is still heavily reliant on exports, as private investment and consumption have remained soft.
Thai and foreign firms submitted 366 projects worth a combined 205 billion baht ($6.4 billion) in the first quarter, up 247% from 59.1 billion baht in the same period last year, Board of Investment Secretary-General Duangjai Asawachintachit told reporters.
She did not name the projects but said about 80% of them are in the Eastern Economic Corridor (EEC), a centrepiece of the junta's policy to lift growth and targets hi-tech investment such as robotics, electric vehicles and aviation, as it transitions from those dependent on cheap labour.
The agency is confident that it will achieve its target of securing 720 billion baht in total investment pledges this year, up 12% from last year, Duangjai said.
It expects the EEC to draw 300 billion baht in promised investment this year after last year's 297 billion baht.
On Wednesday, the agency approved six projects worth 37.7 billion baht, including ones to produce medicine and plastic pellets, Duangjai said, without giving further details.
Thailand's economy posted its strongest growth in five years last year and the momentum is likely to continue. The finance ministry projects growth of 4.2% this year, after last year's 3.9% expansion.