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Ongoing geopolitical issues and the Thai government’s aggressive investment promotion policies have resulted in a relocation trend of key industrial sectors, significantly accelerating Thailand’s growth. Thai’s FDI to $18.9 billionrepresenting a 72% increase in FDI amount compared to 2022.
”Thai’s The new five-year investment promotion strategy and measures, as well as the potential and readiness, are attracting significant investment by companies seeking to relocate to a safe and resilient long-term investment location. Moreover, the fact that Prime Minister Sureta Thabisin herself led several investment promotion roadshows significantly increased investor confidence and Thailand It is on the radar of the major investment community,” said General Secretary Narit Terdosteraskudi. boyhe told reporters at a press conference held after the board meeting at Government Buildings. Bangkok. “Looking ahead to 2024, the Thai economy is projected to expand, supported by rising exports and tourism receipts. Continued flows of FDI are also likely to increase investment, particularly in priority sectors. That’s what I think.”
The Board meeting was chaired by His Excellency Panpuri Bahidda-Nkala, Deputy Prime Minister and Chairman. boyfour investment promotion applications, totaling one, were also approved. $848 million A project consisting of two data centers, the production of steel wire for the tire industry, and the production of steam for industrial use.
Investment commitments in 2023 increase by 43%
Last year, the total number of investment promotion applications submitted by domestic and foreign investors increased by 16% to 2,307 projects. 24 billion dollars Investment amount increased by 43% from the revised value $16.9 billion The increase in total value primarily reflects an increase in large-scale projects from overseas.
The five priority areas defined in the new strategy are: boy A total of 759 applications were received, including BCG (Bio Circular Green), which was enacted last year, electric vehicles (EV), smart electronics, digital and creative. $14 billion 58% of the investment amount or 58% of the total investment commitment.
FDI application
In 2023, foreign investors submitted a total of 1,394 investment promotion applications, an increase of 38% over the previous year, and the total investment amount increased by 72%. $18.9 billionbecause there are many large-scale projects.
Similar to last year, investment applications were received from the following: People’s Republic of China Ranked 1st in the ranking of FDI sources by investment amount, with 430 projects equivalent to total investment amount $7.4 billionrepresenting 24% of total FDI applications during the period, driven by Chinese investment in the electronics industry and the automotive supply chain, including EVs.
Singapore 2nd place with a total of 194 projects $3.5 billion Investment amount increases due to application for large-scale project from SingaporeAffiliates of international companies in fields such as solar cells and electronics.
U.S. investments ranked third with a total of 40 projects. $2.3 billion.
Japan In fourth place was 264 projects, with a total value of: $2.2 billionan increase of 60% from the previous year.
Taiwan Ranked 5th in 1.5 billion dollars Selected from a total of 94 projects.
In terms of regional distribution of investment, the Eastern Economic Corridor (EEC); Thai’s The major industrial region comprising Chonburi, Rayong and Chachoengsao provinces once again topped the ranking. $13.1 billion‘ represents the investment amount and represents 54% of the total pledged amount. The country’s central region followed, attracting about $7.4 billion worth of investments, accounting for 31% of the total.
Project approval
The investment application approved by the Board includes the following projects:
- NextDC, Australia’s leading data center operator, $393 million Investment in new hyperscale data center located in Bangkok.
- CtrlS Data Center (Thailand) Co., Ltd. is a division of CtrlS Datacenters LTD, a global data center operator. Indiahas been approved. $144 million Investment in a new hyperscale data center located in the Digital Industry Innovation Promotion Zone (EECd) in Chonburi province.
- Xingda Steel Cord (Thailand) Ltd. was approved. $190 million The company will invest in a new factory that will primarily produce steel cord, bead wire, and steel wire for tire manufacturing, with an annual production capacity of 260,000 tons. This factory, located in Chonburi province, plans to export 50% of its production and will further strengthen its capacity in the future. Thai’s Automotive supply chain.
- TPI Polene Power PCL is $121 million Investments in the production of electricity and steam to supply cement production plants. The facility, located in Saraburi province, will have a production capacity of 480 tons of steam per hour and will run on electricity generated from waste (waste-derived fuel, or RDF).
* 1 dollar approximately equal to 35 baht.
about Thailand investment committee Los Angeles office
Thailand Investment Committee (boy) is a government agency under the jurisdiction of the Prime Minister’s Office. Our role and responsibility is to promote and facilitate foreign direct investment (FDI). Thailand. As a professional point of contact for companies, we provide valuable investment information, business support, and investment incentives, including tax and non-tax incentives.
boy Los Angeles The office covers the West Coast of the United States and Mexico. Our services are free and customized to help foreign companies succeed. Thailand.
For more information, please visit www.boi.go.th.
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