After a successful 2023, IEAT sets a new target for industrial estate sales

According to Industry Minister Pimpattra Wichaikul, the target is a considerable increase from the 400 hectares (2,500 rai) that the IEAT sold last year. The IEAT is confident that it can achieve its target, citing the continued growth of the Thai economy; the government's focus on attracting foreign investment; and its efforts to improve the efficiency of its operations.

The IEAT is targeting both domestic and foreign investors for the 3,000 rai of land. The agency is particularly interested in attracting investments in industries involved in electronics and electrical appliances; automotive and automotive parts; machinery and equipment; -food and beverages; and logistics,

For its part, the ministry is accelerating efforts to establish a digital government to expedite and streamline services, approvals, and permits, providing a “one-stop” service that is accessible, efficient and transparent to reduce obstacles and facilitate convenience for business operators. This includes developing industrial estates as a crucial investment hub for the country, with special benefits and advantages over stand-alone factories, particularly in terms of readiness for clean energy and waste management within the estates.

The ministry is also actively promoting and supporting business operators nationwide, including SMEs and start-up businesses, to enhance their regional competitiveness and make them part of the global supply chain. This includes support for knowledge, expertise, technology, and preparing to address risks from climate change, especially in vulnerable areas that require efficient water management between their agricultural and industry sectors.

The global and Thai economies are rapidly changing and becoming increasingly complex due to the Covid-19 pandemic, the conflict in Ukraine and geopolitical tensions, posing multiple challenges for the Thai industrial sector that include technological changes, climate change, intensified regional competition and trade conflicts.

With industry a key engine for generating growth and income for the country, every effort is being made to ensure investors are confident that investment promotion policies continue to progress and be interconnected, regardless of changes in the government.

The ministry also places importance on the land bridge project, a significant infrastructure project that will connect the southern region of Thailand with countries in the region, including southern China, as a physical link for trade, reducing transportation time and costs, and enhancing Thailand's trade potential with countries in the Indian Ocean and the Pacific Ocean.

The IEAT is confident that the Thai economy will continue to grow in 2024. The government is also committed to attracting foreign investment, and the IEAT is working to improve the efficiency of its operations. 

These factors, combined with the IEAT's focus on attracting investments in key industries, give the agency a good chance of achieving its target of selling at least 3,000 rai of industrial land in 2024, according to Industry Minister Pimpattra.

Yuthasak Supasorn, the IEAT’s chairman, emphasised the importance of private sector investment in driving the country's economy. For this year, the IEAT has outlined a plan to revitalise investment by shifting its role from being a regulatory body to a facilitator for business operators across all dimensions. This is aimed at building confidence among investors and increasing the investment ratio to 27% of the gross domestic product (GDP) by 2026.