The value of applications for investment promotion in Thailand in the first quarter of 2024 increased by 31 percent to 228.2 billion baht (USD 6.2 billion) over the same period of 2023, according to the Thailand Board of Investment (BOI).

From January to March 2024, domestic and foreign investors filed a total of 724 project applications to BOI, an increase of 94 percent over the same period of last year. Out of this number, 460 projects involved foreign investment.

BOI Secretary General Narit Therdsteerasukdi said, “The investment trend in Thailand is still very strong, especially in our key target sectors that lay the foundation for the Thai economy in the long term and continue to grow at very high rates.”

He stated that the upward trend reflects Thailand's potential and investor confidence, and it shows that all is in place for 2024 to be a golden year for investment in Thailand.

The sector that saw the highest value of investment applications in the first quarter was the electronics and electrical appliances industry, with an investment value of 77.2 billion baht. The four other sectors that saw the highest investment value were automotive and parts (21.3 billion baht), petrochemicals and chemicals (17.7 billion baht), digital (17.5 billion baht), and agriculture and food processing (13.3 billion baht).

The first quarter also saw the number of foreign direct investment applications grow by 130 percent in volume to 460 projects and by 16 percent in value to 169.3 billion baht. Singapore was the largest group of foreign investors, with a combined investment value of 42.5 billion baht, followed by China (34.7 billion baht), Hong Kong (26.6 billion baht), Taiwan (20 billion baht), and Australia (17.2 billion baht).