Thailand Targets $21.78bn In Investment To Revive Economy

Thailand aims to secure at least 800 billion baht ($21.78 billion) in investment applications this year, as the government seeks to stimulate Southeast Asia’s second-largest economy. In the first quarter of 2024, the total value of investment applications surged 31% year-on-year to 228 billion baht, the government reported.

In 2023, investment pledges reached a five-year high of 848 billion baht, marking a 43% increase from the previous year, with China being the largest foreign investor. The government emphasised its commitment to facilitating investors.

“One of my government’s agendas is to boost FDI (foreign direct investment), especially through improving the ease of doing business in the country,” Prime Minister Srettha Thavisin stated on social media platform X on Friday.

In a separate announcement, the government revealed that AstraZeneca (Thailand) plans to invest 6.2 billion baht over three years starting in 2024, and discussions are underway for further collaboration in science and innovation.

Additionally, the Thailand Board of Investment (BOI) said it approved eight projects worth a combined 57 billion baht, including a bio-ethylene plant by a local joint venture with Brazil’s Braskem. New incentives were also introduced for automotive parts manufacturers investing in technology upgrades, productivity improvements, or transitioning to new industries such as medical equipment or aviation sectors.

Melissa Enoch

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