Thailand hurries US$15 billion in stalled projects to spur growth

[BANGKOK] Thailand is betting that speeding up US$14.8 billion in stalled investment projects will help support economic momentum as it races to compete with regional peers for foreign capital.

Economic ministers on Monday (Nov 24) approved the “Thailand Fast Pass” plan to accelerate roughly 80 major projects that already have Board of Investment approvals but are bogged down by state permits, visas, utilities and factory construction, Finance Minister Ekniti Nitithanprapas said.

The move comes as Thailand grapples with sluggish investment, weak domestic demand and delayed public spending. The economy is forecast to expand about 2 per cent this year, among the slowest rates in South-east Asia, and may further decelerate in 2026.

“The Fast Pass will help push investment forward in the short term as this government has limited time,” Ekniti said, adding that a separate review of outdated regulations aims to make it easier to invest over the long run. “This will increase competitiveness, create employment and inject money into the economy.”

The programme is expected to unlock about 390 billion baht (S$15.6 billion) of investment between 2025 and 2027, with the remainder to follow, said BOI Secretary-General Narit Therdsteerasukdi. Thailand has about 2 trillion baht in pending projects that received incentives over the past three years but have yet to break ground. BLOOMBERG