Thailand's investment pledges jump 140% in Jan-Sep period

[BANGKOK] Thailand's overall investment applications from January to September jumped 140 per cent from the year before to 521 billion baht (S$20.8 billion), already exceeding those of the whole of last year, the country's investment agency said on Monday.

The combined foreign direct investment (FDI) project pledges more than tripled to 372 billion baht in the first nine months of this year, from 116.4 billion baht a year earlier, the Board of Investment (BOI) said in a statement.

Japan, the United States and China remained the top three source countries of FDI applications, it said.

"Despite the impact of the Covid-19 pandemic and related travel restrictions, investors show sustained confidence in Thailand and in our key target sectors," said BOI head Duangjai Asawachintachit.

Increased pledges by the electrical and electronics, medical and chemical sectors, were a good sign that the economy had started to recover, she said. Total investment pledges are expected to reach 600 billion baht, she added.

Last year, combined domestic and FDI pledges dropped 30 per cent to 481 billion baht; FDI applications were down 54 per cent to 213 billion baht as firms were put off by the pandemic.

REUTERS