Foreign investment grows 118% in 11 months
However, these foreign companies hired fewer Thai workers during the January-to-November period
A total of 884 foreign companies were approved to invest in Thailand in the first 11 months of 2024 under the Foreign Business Act of 1999, bringing more than 213.96 billion baht of investment in, a 118% increase year on year, the Department of Business Development said on Tuesday.
The number of approved foreign companies this year also increased by 44% from the previous year’s tally at 612 companies, said Oramon Sapthaweetham, director general of the department.
However, these foreign companies hired fewer Thai workers during the January-to-November period, at 3,671 persons, a 40% drop from the previous year’s 6,086 persons.
Countries that invested the most in Thailand, by number of businesses, were:
1. Japan accounted for 239 businesses or 27% of all approved foreign businesses, with investments totalling 119.05 billion baht.
2. Singapore accounted for 120 businesses or 18%, with investments totalling 16.32 billion baht.
3. Mainland China accounted for 117 businesses or 13%, with investments totalling 16.67 billion baht.
4. The United States accounted for 115 businesses or 13%, with investments totalling 22.55 billion baht.
5. Hong Kong accounted for 62 businesses or 7%, with investments totalling 14.5 billion baht.
Oramon said 281 foreign businesses invested in the Eastern Economic Corridor (EEC) in the first 11 months of 2024, or 32% of total foreign investors, increasing 134% from the same period in 2023 at 120 investors.
The total investment value in the EEC area was 50.39 billion baht, a 158% increase year on year.
Oramon said businesses that received high foreign investments included engineering design for the automotive industry, electronic and electrical assembly, software platform services, heat treatment, and parts manufacturing for the automotive, steel and plastic industries.
