Thailand continues attracting foreign direct investment, with applications rising 69% in the first nine months of 2019, according the Board of Investment (BOI).
Applications in the electronics and electrical sector, and the digital and automotive sectors, represented 131.78 billion baht, or 65% of the total. The value of applications, up to September this year, was 203.37 billion baht, according to latest data from the BOI.
Out of 689 project bids, Japan, Thailand’s biggest source of foreign investment, comes in first with applications for 167 projects worth 59.19 billion baht. China follows with 139 projects worth 45.44 billion, and Switzerland, with 15 projects worth 11.71 billion, BOI data shows.
The BOI Secretary General says the healthy rise in applications came, despite the fluctuations in the global economy.
“We expect the growth momentum of FDI and overall investment to continue to expand into 2020.”
Overall applications including domestic investments totaled 1,165, up 11% year on year. About half of those are for projects in the digital sector, with 143 projects. Agriculture and food processing saw 132 projects, and the electronics and electrical sector, saw 103 applications.