Singaporean companies applying for BoI privileges for investment increased to 357.54 billion baht in 2024. — Bloomberg
BANGKOK: The exponential increase in foreign direct investment (FDI) from Singaporean companies applying for promotional privileges from the Board of Investment (BoI) over the past five years has led to concerns that these companies may actually be Chinese firms registered in Singapore to avoid tariff walls from the United States.
Thailand’s National Economic and Social Development Council (NESDC) reported that Singaporean companies applied for BoI privileges for investment worth 16.36 billion baht in 2020, with the amounts increasing to 29.66 billion baht in 2021, 44.28 billion baht in 2022, 159.38 billion baht in 2023 and 357.54 billion baht in 2024.
