BANGKOK: Investment applications in Thailand reached a total of 902 billion baht (US$28.2bil) in 2018, 43% higher than the previous year and beating a target of 720 billion baht, the state investment agency said.
Thai and foreign firms submitted a total of 1,626 projects in South-East Asia’s second-largest economy, the agency said in a statement yesterday.
Of those, 680 billion baht of planned investment was for the Eastern Economic Corridor, a centrepiece of the junta’s policy to boost growth and hi-tech industries such as robotics, electric vehicles and aviation.
The agency said 84% of applications were in the government’s target industries, including digital healthcare, petrochemical and robotics, with a total value of 758 billion baht.
In October-December, “there were many big projects in the petrochemical industry... and automotive groups that applied for (investment) promotion,” Deputy Prime Minister Somkid Jatusripitak told reporters.
The Board of Investment targets 750 billion baht of investment pledges in 2019, only slightly higher than last year’s target due to uncertain global economic conditions, Somkid said. — Reuters