The Thailand Board of Investment (BOI) has given the green light to investment promotion applications totaling USD1.1 billion (41 billion baht). These investments encompass a variety of projects, including the production of electric vehicles (EV), renewable energy generation from waste, establishment of data centers, and the enhancement of travel and tourism infrastructure and equipment.
Mr. Narit Therdsteerasukdi, the Secretary General of the BOI, emphasized that these approved projects, discussed in the board’s first meeting under the new government, are strategically significant. They focus on sectors like EV, renewable energy, and digital technology, aligning with the upcoming investment promotion policy.
This adjusted strategy prioritizes five key industries and activities over the next four years (2024–2027), offering them specialized investment incentives. These sectors are (1) BCG, encompassing agriculture, food, medical, and clean energy; (2) Automotive, especially EV, covering the entire production chain from cars and essential components to charging stations; (3) Electronics, particularly upstream and smart electronics; (4) Digital and creative; and (5) Regional headquarters and international business centers.
Furthermore, this revised approach advocates for five crucial agendas to transform the industrial sector: (1) Green transformation; (2) Technology development; (3) Talent development and attraction; (4) Cluster-based investment; and (5) Streamlined investment processes, as outlined by Mr. Narit.
In the period from January to August 2023, the BOI received investment promotion applications totaling 465 billion baht, marking a 47% increase compared to the same period last year. The number of applications surged by 33%, reaching 1,375 projects.
Mr. Narit emphasized that the influx of substantial projects throughout the year underscores international investors’ dedication to Thailand. These investments are responses to the intricate global geopolitical landscape. He added that Thailand’s investment ecosystem, coupled with the introduction of the new investment promotion strategy geared towards transitioning the Thai economy into the “New Economy,” renders Thailand an increasingly attractive destination for investment.
In March, the Thailand Board of Investment approved investment privileges for infrastructure projects totaling 56.6 billion baht (equivalent to US$1.64 billion). The focus will be on strengthening the country’s energy and digital sectors.
Two data center projects, representing a combined investment value of 10.4 billion baht, were approved to help address the rapid growth of the digital sector, and the rising domestic and international demand for large-scale storage and management services.