Thailand's investment pledges slumped in H1 as foreign projects wane | Inquirer Business

Thailand’s investment pledges slumped in H1 as foreign projects wane

/ 09:10 PM August 17, 2022

BANGKOK – Investment applications in Thailand dropped by 42 percent in the first half of 2022 compared to the same period last year, official data showed on Wednesday, led by a sharp fall in foreign projects as the global economy slowed.

Foreign investments, which made up 60 percent of the overall 220 billion baht ($6.22 billion) of applications in January-June, more than halved year-on-year, data from the Board of Investment (BOI) showed.

But a surge in electric vehicle (EV) and digital investments bucked the trend, and the BOI said on Wednesday it had approved several new major investment pledges.

Article continues after this advertisement

“We will continue to monitor the situation and adjust our policies and incentives to ensure Thailand remains the resilient destination of choice for global investors in fast growing sectors such as electric vehicles,” BOI said in a statement.

FEATURED STORIES

The Southeast Asian country has promoted high-tech sectors and supported EVs to maintain its status as a regional auto production base.

In January-June, investment pledges in EVs surged 212 percent from a year earlier to 42.4 billion baht while ones in the digital sector jumped 202 percent to 1.45 billion baht, the BOI said.

Article continues after this advertisement

On Wednesday, the BOI approved investment pledges worth 44.5 billion baht – including China’s BYD’s 17.9 billion baht project to produce EVs, and PTT’s 18 billion baht gas production project, the agency said.

($1 = 35.38 baht)

Kitiphong Thaichareon, Satawasin Staporncharnchai, Panarat Thepgumpanat
Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our daily newsletter

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

TAGS: decline, Investments, Thailand

Your subscription could not be saved. Please try again.
Your subscription has been successful.

Subscribe to our newsletter!

By providing an email address. I agree to the Terms of Use and acknowledge that I have read the Privacy Policy.

© Copyright 1997-2024 INQUIRER.net | All Rights Reserved

This is an information message

We use cookies to enhance your experience. By continuing, you agree to our use of cookies. Learn more here.