Bangkok, Thailand – The Thailand Board of Investment (BOI) announced a 35% surge in investment applications for 2024, reaching a 10-year high of 1.14 trillion baht (approximately USD 33 billion). This impressive growth was fueled by significant foreign direct investment (FDI) in data centers, cloud services, and advanced electronics manufacturing.
For the first time, the digital sector, encompassing data centers and cloud services, topped the charts with 150 projects valued at 243.3 billion baht. Major players like Google (Alphabet), Australia’s NextDC, India’s CtrlS Datacenters, and Singapore-based GDS IDC Services PTE Ltd. contributed significantly to this growth.
Electronics and Automotive Remain Strong
The electronics and electrical appliances (E&E) sector secured second place with 407 projects worth 231.7 billion baht. Key investments included projects by Foxsemicon Integrated Technology Inc. (Fiti Group) for semiconductor manufacturing equipment and FT1 Corporation for silicon carbide wafer production.
The automotive sector followed closely with 309 projects valued at 102.4 billion baht.
Other Key Sectors
Other notable sectors included agriculture and food (329 projects, 87.6 billion baht) and petrochemicals and chemicals (235 projects, 49.1 billion baht).
Factors Driving Investment
Mr. Narit Therdsteerasukdi, BOI Secretary General, attributed the strong performance to Thailand’s stable environment and strategic promotion as a hub for digital and smart electronics projects. He expects this trend to continue in 2025, supported by the newly established Semiconductor Board and the global geopolitical landscape.
Looking Ahead to 2025
The BOI plans to conduct roadshows in key markets like China, the U.S., Japan, and Europe to attract further investment in 2025. High-growth potential sectors include clean energy, electric vehicles (EVs), agritech, foodtech, medical infrastructure, and tourism.
FDI Dominates
FDI accounted for 73% of total applications, with Singapore leading the way (357.5 billion baht), followed by China (174.6 billion baht) and Hong Kong (82.3 billion baht).
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