Thailand approves 1.1 bln USD of investment applications in strategic sectors-Xinhua

Thailand approves 1.1 bln USD of investment applications in strategic sectors

Source: Xinhua| 2023-10-11 17:48:45|Editor: huaxia

BANGKOK, Oct. 11 (Xinhua) -- Thailand has approved investment applications worth a combined 41 billion baht (1.1 billion U.S. dollars) in projects including the manufacturing of electric vehicles (EV), the generation of renewable energy from waste, data centers, and travel and tourism infrastructure and equipment.

The projects approved by the Board of Investment (BOI) since the establishment of the new government were mainly strategic sectors, which will be the focus of Thailand's investment promotion policy in the coming years, BOI Secretary General Narit Therdsteerasukdi said at a press conference on Wednesday.

The BOI also fine-tuned the five-year investment promotion strategy that became effective in January this year.

The adjusted strategy places five strategic industries and activities such as Bio-Circular-Green economic activities, automotive sectors and electronics, at the core of the investment promotion policy for the next four years, and provides them with special investment incentives.

"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," Narit said.

He added that the introduction of new investment promotion strategy that aims to restructure the Thai economy towards the "New Economy" makes Thailand's investment even more attractive.

From January to August 2023, the BOI has received investment promotion applications worth a combined investment value of 465 billion baht (12.7 billion dollars), a 47 percent increase from the same period of last year. The number of applications rose 33 percent to 1,375 projects.