The Thailand Board of Investment (BOI) is accelerating efforts to remove investment obstacles, enhance investment facilitation, and develop one-stop service further in order accommodate more investments in target industries.
Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha-Nukara on 6 February 2024 chaired a meeting of BOI, which approved the improvement of the “HQ Biz Portal” to cover three more target industries involving electric vehicles, electronics, and digital services.
The HQ Biz Portal expedites business processes for investors by setting up a mechanism to provide information and consultancy services in a one-stop service and to facilitate approval, authorization, and data linkage.
It consists of an online consultation appointment system, an information hub, and integrated regional office services with relevant agencies working together, such as BOI, the Department of Business Development, the Department of Industrial Works, the Revenue Department, the Bank of Thailand, and the Industrial Estate Authority of Thailand. These agencies will increase the efficiency of access to information and reduce procedures and obstacles in establishing regional offices in Thailand.
The BOI meeting heard a report that, in 2023, a total of 2,307 projects sought investment promotion from BOI, representing an increase of 16 percent over the previous year. The combined value of the projects came to 848.3 billion baht, up by 43 percent.
Investments in the electronics and electrical appliances sector registered the highest growth. The second-largest sector was the automotive sector, followed by agriculture and food processing sectors, petrochemical and chemical industries, and the biotechnology industry.
The value of foreign direct investment applications increased by 72 percent to 663 billion baht. China was the largest group of foreign investors in 2023, followed by Singapore, the United States, and Japan.
Thailand has been a major destination for foreign direct investment because of its great potential and good infrastructure. The Government also has a policy to promote investment, while BOI is implementing a strategy to move the country toward a “new economy.”