2024 Investment Update: BOI Reveals a 31% Increase in Investment Promotion Applications
Despite widespread concerns about Thailand’s economic situation, the Board of Investment (BOI) has revealed encouraging news for the first quarter of 2024. The number of industrial investors applying for investment promotion has surged compared to last year, both in terms of projects and total investment value. This is a positive sign for attracting long-term industrial investment into Thailand.
The influx of investment promotion applications from both domestic and foreign industries reflects Thailand’s continued strength in key areas such as workforce readiness, technology, and supportive government policies. Additionally, 304 Industrial Park offers key benefits for investors, with projects that have received BOI promotion incentives. The park provides One Stop Service from a team of experienced professionals who assist investors with BOI applications, land ownership for foreign investors, and factory operation permits—all at no additional cost.
References:
Q1 2024 Investment Overview
According to the BOI, during the first quarter of 2024 (January to March), there has been a significant increase in the number of applications for investment promotion from the BOI. Key highlights include:
- 724 projects applied for BOI investment promotion during the first quarter, representing a 94% increase compared to the same period in 2023. The total investment value amounted to 228.207 billion baht, reflecting a 31% increase from the previous year.
- Foreign Direct Investment (FDI) accounted for 460 projects, with a total investment value of 169.322 billion baht.
- Most of the investment was concentrated in the Central Region, with a total value of 97.651 billion baht, followed by the Eastern Region, which includes industrial parks strategically positioned for industrial expansion.
Leading Industries in Q1 2024
The top industries receiving investment during the first quarter of 2024 align with global demand for advanced technology. The electronics and electrical appliances sector attracted the highest investment, totaling 77.194 billion baht. Key players in this sector include manufacturers of electronic circuit boards, semiconductor producers, and smart electronics and appliances. Thailand is well-prepared for this industry, with a skilled workforce and numerous industrial parks. Other significant sectors include:
- Automotive and parts: 21.328 billion baht
- Petrochemicals and chemicals: 17.672 billion baht
- Digital industry: 17.498 billion baht
- Agriculture and food processing: 13.278 billion baht
Foreign Investment Trends
Since the beginning of 2024, the BOI has approved four large investment projects totaling 29.702 billion baht, including two Data Center providers from Australia and India. In total, 460 foreign investment projects applied for BOI promotion in Q1 2024. The largest investment applications came from:
- Singapore: 42.539 billion baht
- China: 34.671 billion baht
This surge in foreign investment suggests that 2024 could be a pivotal year for attracting international investors and industries in high global demand to establish a presence in Thailand.
The influx of investment promotion applications from both domestic and foreign industries reflects Thailand’s continued strength in key areas such as workforce readiness, technology, and supportive government policies. Additionally, 304 Industrial Park offers key benefits for investors, with projects that have received BOI promotion incentives. The park provides One Stop Service from a team of experienced professionals who assist investors with BOI applications, land ownership for foreign investors, and factory operation permits—all at no additional cost.
References:
- https://www.bangkokbiznews.com/business/economic/1124887
- https://www.mitihoon.com/2024/05/02/454717/
- https://www.304industrialpark.com/th/
- https://www.mreport.co.th/news/industry-movement/119-boi-approves-investment-promotion-for-4-projects-at-the-beginning-of-2024
- https://www.boi.go.th/th/index/
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