In Thailand, applications for investment promotion rose by 70% in the first half of 2023, totaling 364.4 billion baht ($10.3 billion). The amount of foreign direct investments (FDI) increased significantly by 141%, with international businesses selecting Thailand as a manufacturing hub in sectors including electronics, food processing, and automotive, particularly in the supply chain for electric vehicles (EVs).
Thailand has seen a sharp increase in foreign direct investment (FDI), particularly in the food processing, automotive, and electronics sectors, including the supply chain for electric vehicles.
The largest amount of investment went into the electrical appliances and electronics sector, which was followed by the agro-industrial and food processing sector and the automotive and parts business.
Strong economic fundamentals in Thailand, such as upbeat economic growth predictions and higher competitiveness rankings, have improved the country’s investment appeal.
With 891 projects submitted over the time, the number of project applications also increased. Applications for FDI rose by 33% to 507 projects, with China as the primary source and Singapore, Japan, and Singapore as secondary sources.
The investment trend has been influenced by Thailand’s solid fundamentals, which include improved economic growth projections and higher competitiveness rankings. The agro-industry and the food processing sector saw the most investment, followed by the electrical appliances and electronics industry.
Significant investment was also made in the automobile and component industries, particularly in EV-related projects. 47% of the overall application value was from the Eastern Economic Corridor (EEC) region.
Over 4,200 applications for the Long-Term Resident Visa Program have been submitted, mostly by people from China, Europe, and the United States. To accommodate professionals and subject-matter experts in the business and technological industries, the program has been revised. To keep up with the rising demand, the Thailand Board of Investment is attempting to speed up the visa application process.
READ MORE: http://pattayaone.news
SOURCE: https://www.thailand-business-news.com
