Thailand BOI Says 2023 Investment Applications Up 43% To USD 24 Billion As Large FDI Projects Soar

(MENAFN- PR Newswire) Singapore came in second with 194 projects worth a combined 3.5 billion dollars of investment, boosted by large projects applications from Singapore-based affiliates of international companies in sectors including solar cells and electronics.

Investments from the U.S. ranked third with 40 projects worth a combined 2.3 billion dollars.

Japan came in fourth with 264 projects representing a combined value of 2.2 billion dollars, a 60% increase from the previous year.

Taiwan ranked in fifth position with 1.5 billion dollars from a total of 94 projects.

In terms of the regional distribution of investment, the Eastern Economic Corridor (EEC), Thailand's prime industrial area comprising Chonburi, Rayong, and Chachoengsao provinces, again led the ranking with 13.1 billion dollars ' worth of investment, accounting for 54% of the total pledges. It was followed by the country's central region which attracted around 7.4 billion dollars' worth of investment, or 31% of the total.

Project Approvals

The investment applications approved by the board include the following projects:

• NextDC, a leading Australian data center operator, received approval for a 393 million dollars investment in a new hyperscale data center which will be located in Bangkok.
• CtrlS Datacentres (Thailand) Co., Ltd., a unit of CtrlS Datacenters LTD, a global data center operator based in India, received approval for a 144 million dollars investment in a new hyperscale data center which will be located in the Digital Industry and Innovation Promotion Zone (EECd) in Chonburi province.
• Xingda Steel Cord (Thailand) Co., Ltd. received approval for a 190 million dollars investment in a new factory to produce steel cord, bead wire and steel wire mainly for use in the manufacturing of tires, with an annual production capacity of 260,000 tons. The plant, which will be located in Chonburi province, is expected to export 50% of its output, and will further strengthen Thailand's automotive sector supply chain.
• TPI Polene Power PCL received approval for a 121 million dollars investment in the production of steam for distribution to power and cement production plants. The facility, to be located in Saraburi province, will have a production capacity of 480 tons of steam per hour, and will run on power generated from waste (refuse-derived fuel, or RDF).

* 1 USD is approximately equal to 35 THB.

ABOUT THAILAND BOARD OF INVESTMENT LOS ANGELES OFFICE

Thailand Board of Investment (BOI) is a government agency under the Office of the Prime Minister. Our roles and responsibilities are promoting and facilitating foreign direct investment (FDI) into Thailand. We are the professional contact point for companies, providing them with useful investment information, business support, and investment incentives including tax and non-tax incentives.

BOI Los Angeles office's area of responsibility includes the West Coast U.S. and Mexico. Our services are free of charge and customized to help foreign businesses succeed in Thailand.

For more information, please visit

SOURCE Thailand Board of Investment

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