Investment pledges up 59%, more expected

Thailand's overall investment applications in 2021 rose by 59% to 643 billion baht (US$19.4 billion), boosted by foreign investment pledges in tech sectors, the country's investment agency said on Thursday.

For 2022, the Board of Investment (BOI) expects total investment pledges to be close to last year or higher if the Covid-19 situation improves and the global economy continues to expand, BOI chief Duangjai Asawachintachit told a news conference.

Last year, foreign direct investment (FDI) pledges accounted for 71% of total applications, totalling 455.3 billion baht, an almost three-fold rise from the 169.3 billion baht in 2020, the BOI said.

Japan, China and Singapore were the top three source countries of FDI applications, Ms Duangjai said.

"We are seeing constant growth in foreign investments in target sectors such as smart electronics, speciality chemicals, bioplastics and the medical cluster," she said.

On Thursday, the BOI added digital trading platforms for agricultural products, and agrifood industrial estates/parks to its list of businesses eligible for incentives, the BOI said.