The Thailand Board of Investment (BOI) has announced a significant increase in investment applications in 2023, reaching a five-year high of 848.3 billion baht (approximately USD 24 billion). This represents a 43% increase from the previous year and indicates a positive outlook for continued foreign direct investment (FDI) growth in 2024.
The surge in investment applications was primarily driven by large foreign investments in priority sectors, including BCG (Bio-Circular-Green), electric vehicles, smart electronics, digital, and creative industries. The BOI has also reported a 72% increase in FDI in Thailand, with notable contributions from countries such as China, Singapore, the U.S., Japan, and Taiwan. These investments have particularly focused on sectors like the electronics and automotive supply chain.
The Eastern Economic Corridor (EEC) has attracted the highest level of investment, and the BOI has approved several significant projects in this area. These include data centers and industrial production facilities, which will further support the expansion of the Thai economy in 2024.
Some of the approved projects include a new hyperscale data center by Australian operator NextDC, with an investment of 13.76 billion baht. Another notable project is CtrlS Datacentres (Thailand) Co., Ltd., a unit of CtrlS Datacenters LTD, which received approval for a 5.04 billion baht investment in a hyperscale data center located in the Digital Industry and Innovation Promotion Zone in Chonburi province.
Additionally, Xingda Steel Cord (Thailand) Co., Ltd. was approved for a 6.66 billion baht investment in a new factory producing steel cord and steel wire for tire manufacturing. The plant, located in Chonburi province, is expected to strengthen Thailand’s automotive sector supply chain.
Lastly, TPI Polene Power PCL received approval for a 4.24 billion baht investment in a steam production facility in Saraburi province. This will provide steam to power and cement production plants, using power generated from waste.
Overall, these approved projects highlight the attractiveness of Thailand as an investment destination and its potential for further economic growth in the coming years.
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