Thailand positive about foreign investment attraction in 2023

Thailand's full opening in tourism and investment positively supports foreign investment in Thailand (Photo: AFP/VNA)

Bangkok (VNA) – Thailand’s Ministry of Commerce is positive about the country’s foreign investment attraction this year, with at least 100 billion baht (over 2.8 billion USD) expected.

Deputy Minister of Commerce Sinit Lertkrai said that the country’s full opening in tourism and investment positively supports foreign investment in Thailand. In addition, international firms, particularly in industries with growth potential such as electric vehicle manufacturing, agriculture, food, biotechnology, tourism, health, and various digital businesses also have plans for their production expansion in Thailand.

Moreover, foreign investment is bolstered by infrastructure development in the Eastern Economic Corridor (EEC), where the government and the private sector are collaborating on promotions.

A report released by the ministry on February 23 shows that a total of 5.12 billion baht was invested in Thailand last month by 52 foreign companies under the Foreign Business Act.

Five countries with the biggest investment in Thailand are Japan with 14 projects worth 3.58 billion baht, China with three projects worth 548 million baht, Singapore with six projects worth 410 million baht, the UK with five projects worth 98 million baht, and the US with six projects worth 9 million baht.

According to Sinit, businesses who were licensed last month mainly focused on infrastructure development, in line with the country's policy to promote investment and increase its competitiveness, such as design, procurement, sourcing, installation, upgrading, development, system testing, system integration and management for electric railway projects.

Last year, overseas companies registered under the Foreign Business Act poured 129 billion baht into Thailand, marking a year-on-year increase of 56%. Japan with an investment of 39.5 billion baht topped the list in terms of budget to develop businesses. It was followed by mainland China at 23.3 billion and Hong Kong (China) at 18.2 billion./.