Thailand sees 22% drop in investment pledges this year

THAILAND expects overall investment applications to drop by 22 per cent to 500 billion baht (S$19.2 billion) this year after a first-half slump, its government said on Monday (Sep 12).

The government, however, is hoping its measures to promote investment, including a long-term resident visa launched this month, will draw more foreign investors later this year, spokesman Anucha Burapachaisri said in a statement.

The South-east Asian country has promoted high-tech sectors and supported electric vehicles to maintain its status as a regional auto production base.

In the January-June period, Thai and foreign investment pledges slumped 42 per cent to about 220 billion baht, due mainly to a large power plant project last year, according to the Board of Investment.

Foreign investments, which made up 60 per cent of the overall applications in the January-June period, more than halved year-on-year. REUTERS