Foreigners invested THB98 billion in 11 months, creating over 6,000 jobs
Foreign investments in Thailand for the first 11 months of 2023 amounted to 98.288 billion baht, slightly down year on year, but led to the creation of jobs for 6,086 people, the Ministry of Commerce has announced.
Oramon Sapthaweetham, director-general of the Department of Business Development, revealed that over the past 11 months (January - November), 403 proposals had been approved from foreigners to invest in businesses in Thailand. These were under investment promotion laws or under the laws governing industrial estates in Thailand and the utilisation of rights under international agreements or agreements between countries. The total amount is down by 14.169 billion baht compared to the same period of the previous year. This created employment for 6,086 Thai workers, an increase of 1,078.
The highest number of foreign investors are from Japan — 129 — accounting for 21% of the total number of foreign businesses, with total investment of 30.106 billion baht.
Singapore was next with 95 investors, accounting for 16%, with investments amounting to 22.219 billion baht.
The United States was third: 95 investors, accounting for 16%, with investments of 4.235 billion baht.
A total of 56 investors from China accounted for 9%, with total investments of 15.818 billion baht.
There were 26 investors from Hong Kong, accounting for 4%, bringing in a total of 5.813 billion baht .
Most businesses are in line with the development of the country's infrastructure, and investment promotion policies to increase the country's competitiveness, such as:
- Services related to drilling petroleum wells.
- Services for designing, purchasing, procuring, installing, improving, developing, and testing systems for
EV projects.
- Construction services to install and test the system for the onshore natural gas pipeline system project.
- Services related to software development and platform development.
- Services as an international business centre which provides services to the businesses of affiliated enterprises abroad.
From January to November, 120 foreign investors expressed interest in investing in the EEC area, accounting for 20% of the number of foreign investors in Thailand during the 11 months of 2023, an increase of 15% over the same period in 2022.
The value of investment in the EEC area was 19.531 billion baht. There were 43 investors from Japan, investing 6.853 billion baht; 28 from China investing 3.927 billion baht; six from Hong Kong investing 4.046 billion baht, and from 43 other countries investing 4.705 billion baht.
