Thailand’s economy has witnessed a remarkable surge in foreign investment during the first nine months of 2024, reaching a decade-high of 722.5 billion baht ($21.6 billion). This represents a significant 42% increase compared to the same period last year, signaling a strong rebound in the country’s investment landscape.
According to the Thailand Board of Investment (BOI), the influx of capital is driven by a growing number of investment projects across various sectors. A total of 2,195 projects were approved during this period, a 46% jump from the previous year.
Among the key sectors attracting substantial investment, data centers have emerged as a prominent driver. Technology giants like Alphabet and Google have announced plans to establish their presence in Thailand, contributing to the overall investment boom. Recently, DAMAC Group has also announced plans to invest over 1.257 billion SGD in a series of data center projects to meet the rising demand for advanced AI technology and data processing capabilities. The BOI has emphasized the importance of these high-quality projects, which not only generate economic benefits but also create employment opportunities for Thai nationals.
In addition to data centers, the electronics and electrical appliances industry continues to be a major draw for investors, accounting for 183.4 billion baht in investments. Other sectors that have seen significant growth include digital technology, automotive and parts, agriculture and food processing, and petrochemicals and chemicals.
Foreign direct investment (FDI) has also played a crucial role in Thailand’s economic expansion. Singapore, China, Hong Kong, Taiwan, and Japan emerged as the top five countries/economic zones in terms of investment applications.
The BOI remains optimistic about the country’s investment prospects, anticipating continued growth in the coming months and years.
