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Thailand expected to get US$2.8bil foreign investment this year

Foreign investment in Thailand is expected to hit 100 billion baht (US$2.8bil) this year, the Department of Business Development (DBD) said on Thursday (Feb 23).

A total of 5.12 billion baht was invested in Thailand last month by 52 foreign companies under the Foreign Business Act, the department director-general, Thosapone Dansuputra, said.

Of the 52, 22 foreign companies had applied for business licences and 30 for certificate of business operation for foreigners. These companies also employed 298 Thais.

The most number of investors — 14 — were from Japan (3.58 billion baht), followed by six each from Singapore (410 million baht) and the US (9 million baht), five from the UK (98 million baht) and three from China (548 million baht).

“Knowledge of technology, such as 3D modelling, electrical and electronic design for electric train projects, and internet protocol television operations, was passed on to Thais by foreign firms,” Thosapone said.

Most foreign businesses in January were in line with the country’s policy to develop infrastructure and promote investment to enhance competitiveness.

They included investments in electric train projects, in petroleum drilling in the Gulf of Thailand, engineering and technical services, and modern distribution centre services.

Investments by eight foreign firms in the Eastern Economic Corridor (EEC) accounted for 15% of total investments by foreign companies in January, Thosapone said, adding that 683 million baht had been deployed in the EEC.

“Five Japanese firms invested 632 million baht, followed by 48 million baht by two China firms and 3 million baht from one UK firm,” he said.

He added that these companies had invested in automotive engineering business consulting service and contract manufacturing of metal and plastic parts.

Thosapone said at least 100 billion baht in revenue was expected from foreign investors in Thailand this year, helped by the reopening of the country, market expansion, and support from the public and private sectors in the Eastern Economic Corridor.

Businesses that are tending to grow in Thailand include electric vehicles, agribusiness, bio-food, tourism, health and digital, he added.

Source : The Star