Thailand investment worth US$25B higher than target

"Out of the total applications, 59% were for investments in the area known as the Eastern Economic Corridor (EEC), which totalled 444.9 billion baht in value, due to several large projects, including the construction of the high-speed train linking 3 airports," Mr Somkid said after a policy meeting held at the BOI offices in Bangkok.

"Also, some 286.5 billion baht (US$9.5 billion) worth of applications, or 38% of the total, involved investments in the target industries," he said. The top three industries in terms of the value of applications were electronics, automotive and petrochemicals.

The value of applications for foreign direct investments (FDI) amounted to 506.2 billion baht (US$16.7 billion), representing about two third of the total value of all applications received, BOI data showed.

In terms of the source of the FDI applications, out of a total of 991 projects submitted, Chinese companies led in terms of value, with investors from Japan, Hong Kong, Switzerland, and Taiwan completing the top five, BOI data showed.

"Despite the very competitive and challenging environment, investors continue to express their confidence in Thailand," added Ms Duangjai Asawachintachit, Secretary-General of the BOI. "The percentage of projects applying for investment in the EEC and our target industries show our policies are going in the right direction."

Thailand's Deputy Prime Minister Somkid Jatusripitak