Thailand’s investment pledges reach 664.6 billion baht in 2022, up 39%

THAILAND’S investment applications last year rose to 664.6 billion baht (S$26.6 billion), 39 per cent higher than the previous year, driven by investment plans from China, a senior official said on Friday (Jan 13).

China was the top investor, followed by Japan, the United States and Taiwan, Board of Investment secretary-general Narit Therdsteerasukdi, told a news conference.

Projects that received approval included Chinese electric vehicle (EV) producer BYD Auto’s 3.89 billion baht (S$155.9 million) facility to manufacture batteries for electric vehicles, Narit said.

BYD last year also announced a project to build a 17.9 billion baht EV factory in Thailand by 2024.

South-east Asia’s second-largest economy has been promoting EV investments to strengthen its position as a regional auto hub.

There were also applications by Foxconn and Amazon Web Services, he said.

“We expect investment pledges this year to be 500 billion baht to 600 billion baht,” Narit said, adding that the country was attractive for foreign investors in EV and the medical sectors. REUTERS