The Commerce Ministry remains bullish about Thailand's foreign investment prospects, forecasting a minimum of 100 billion baht in inflows this year.
According to Deputy Commerce Minister Sinit Lertkrai, active foreign investment is supported by the country being fully open in terms of both tourism and investment, as well as anticipated expansion of production bases in Thailand by international firms, particularly in industries with growth potential such as electric vehicle manufacturing, agriculture, food, biotechnology, tourism, health and various digital businesses.
Additionally, foreign investment is bolstered by infrastructure development in the Eastern Economic Corridor (EEC), where the government and private sector are collaborating on promotions.
The ministry reported on Thursday in January 52 foreign investors were granted permission to invest in businesses under the Foreign Business Act of 1999, with a combined investment of 5.12 billion baht.
These investments created 298 jobs for Thais. The top five countries with the highest foreign investments were Japan, with 14 projects worth an investment of 3.58 billion baht; China with three projects worth 548 million baht; Singapore with six projects worth 410 million; the UK with five projects worth 98 million baht; and the US with six projects worth 9 million.
Moreover, the ministry reported knowledge and technology were directly transferred from investors to Thais, including knowledge of 3D modelling, electrical and electronic systems design for electric railway projects, and Internet Protocol TV.
According to Mr Sinit, businesses licensed last month mainly focused on infrastructure development, in line with the country's policy to promote investment and increase its competitiveness, such as design, procurement, sourcing, installation, upgrading, development, system testing, system integration and management for electric railway projects.
Another trend was drilling and exploration services for petroleum within survey areas in the Gulf of Thailand.
He said in January eight foreign investors indicated interest in investing in the EEC, accounting for 15% of the total number of investors, with a total investment value of 683 million baht, which is 13% of the total investment value.
The investors were from Japan (five investors, 632 million baht), China (two investors, 48 million baht) and the UK (one investor, 3 million baht).
The businesses they invested in included engineering consulting services for the automotive industry, surface treatment services, and subcontracting services for metal and plastic parts.
Last year, investments by overseas companies registered under the Foreign Business Act soared by 56% to 129 billion baht in value, with Japan topping the list in terms of budget to develop businesses in Thailand.
Japan's investment value tallied 39.5 billion baht, followed by mainland China at 23.3 billion and Hong Kong at 18.2 billion.
