The Thailand Board of Investment (BOI) reported a 42% year-on-year increase in investment promotion applications in the first nine months of 2024, reaching a value of THB 722.5 billion (approx. USD 21.7 billion), marking the highest level since 2015. This surge is attributed to significant foreign direct investment (FDI) in key sectors such as electrical appliances, electronics (E&E), and digital infrastructure, particularly data centers.
Secretary General Narit Therdsteerasukdi noted a 46% rise in the number of projects submitted, with applications reaching 2,195 between January and September, up from 1,501 in the same period in 2023. Targeted industries accounted for 68% of total investments, led by the E&E sector, which saw 291 projects, followed by the digital sector with 107 projects, and automotive, agriculture, food processing, petrochemicals, and chemicals.
FDI rose 38% year-on-year, with Singapore as the largest contributor at 180.8 billion baht, driven by investments from Chinese and American firms in E&E and data centers. China ranked second.
Notable investments include FT1 Corporation’s silicon carbide wafer production, Multi-Fineline Electronics’ PCB manufacturing, and Haier Appliance’s facility for smart air conditioners. Major data center applications came from Google (Alphabet), Australia’s NextDC, and India’s CtrlS Datacenters.
(Source: Thailand Board of Investment)
