Thailand’s Board of Investment (BOI) has approved investment promotion applications worth 41 billion baht (USD1.1 billion) for projects including electric vehicles, renewable energy, data centers, and travel infrastructure.
Bangkok BOI Approves Investment Applications Worth $1.1 Billion
The Thailand Board of Investment (BOI) has recently approved investment promotion applications worth a total of 41 billion baht ($1.1 billion). The approved projects include the manufacturing of electric vehicles (EV), the generation of renewable energy from waste, data centers, as well as travel and tourism infrastructure and equipment. This significant investment will drive growth and development in strategic sectors such as EV, renewable energy, and digital, in line with the BOI’s investment promotion policy.
5-Year Investment Promotion Strategy Fine-Tuned
Led by Deputy Prime Minister Parnpree Bahiddha-Nukara, the BOI meeting not only approved the investment applications but also fine-tuned the 5-year investment promotion strategy that came into effect in January this year. This strategy focuses on five core industries: BCG (Bio-Circular-Green), automotive (especially EV), electronics, digital and creative, and regional headquarters and international business centers.
Continual Growth in Investment Applications
From January to August 2023, the BOI has seen a 47% increase in investment promotion applications, with a combined investment value of 465 billion baht. The number of applications rose by 33% to a total of 1,375 projects. This continuous flow of large projects affirms international investors’ confidence in Thailand and its investment ecosystem. The introduction of a new investment promotion strategy further enhances Thailand’s attractiveness as an investment destination, especially amid the challenges of the current geopolitical environment.