Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI)
The focus of the BOI’s new Investment Promotion Strategy places five strategic industries and activities at the core of the investment promotion policy for the next four years (2024–2027) and offers special investment incentives.
In February 2024, the Thailand Board of Investment (BOI) announced that their 2023 investment promotion campaign achieved a five-year high of 848.3 billion baht in combined value (ca. USD 24 billion), an increase of 43% from the previous year – led by large foreign investments in the five priority sectors of the new Investment Promotion Strategy which represented more than half of all combined pledges.
Thailand’s five priority sectors are (1) BCG, for Bio-Circular-Green, including agriculture, food, medical, and clean energy, (2) Automotive, especially EV, covering the manufacturing of cars and the related supply chain from batteries, and key parts to charging stations, (3) Electronics, especially upstream and smart electronics; (4) Digital and creative; and (5) Regional headquarters and international business centers. – coupled with revisions of the January 2023 5-year investment promotion strategy to include the manufacturing the generation of renewable energy from waste, data centers, as well as travel and tourism infrastructure and equipment.
“The continuous flow of large projects we have seen so far this year reconfirms international investors’ commitment to Thailand as they relocate production in reaction to the complex geopolitical environment”
“Thailand’s investment ecosystem and the introduction of our new investment promotion strategy that aims to restructure the Thai economy towards the “New Economy” making investment in Thailand even more attractive”- Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), said, reflected in the growing number of large projects, mostly from overseas. The total number of applications for investment promotion filed in 2023 by investors, both local and foreign, increased 16% to 2,307 projects, worth a combined 848.3 billion baht investment, up 43% from a revised 591.5 billion baht in 2022.
Projects approved:
NextDC, a leading Australian data center operator THB13.76 bil investment in a new Bangkok hyperscale data center, CtrlS Datacentres (Thailand) Co., Ltd., India HQ THB5.04 bil investment in a new hyperscale data center Chonburi, Xingda Steel Cord (Thailand) Co., Ltd. THB6.66 bil. investment in a new factory to produce steel cord, bead wire, and steel wire for manufacturing of tires, capacity of 260,000 tons per annum, Chonburi TPI Polene Power PCL THB 4.24 bil. Investment in steam for distribution of power and cement,t power generated from waste (refuse-derived fuel, or RDF).
– Changan Automobile, one of China’s leading car manufacturers, received approval for an 8.86 billion baht investment in a factory that will initially have an annual production capacity of about 58,000 battery electric vehicles (BEVs), or pure EV, and about 36,500 plug-in hybrid electric vehicles (PHEV) located at the WHA Industrial Estate Eastern Seaboard 4, in Rayong Province.
– C&G Environmental Protection (Thailand) Co., Ltd. received approval for a 4.89 billion baht investment in a 35-megawatt power generation project that will produce electricity from waste. The facility will be located in the area of the Nong Khaem Solid Waste Disposal Center in Bangkok.
– New Sky Energy (Bangkok) Co., Ltd. received approval for a 4.89 billion baht investment in a 35-megawatt power generation project that will produce electricity from waste. The facility will be located within the area of the On Nut Waste Disposal Center in Bangkok.
– True Internet Data Center Co., Ltd. received approval for a 3.59 billion baht investment in a data center business to be located in Pak Kret District, Nonthaburi Province.
– Thai Airways International PCL received approval for a 9.31 billion baht investment in the acquire five passenger aircraft with a total passenger capacity of 1,670 seats and a total cargo capacity of 303 tons.
– Songcheng Holding (Thailand) Co., Ltd. received approval for a 9.54 billion baht investment in tourism infrastructure and attractions to be located in Chonburi Province.
