Thailand’s investment pledges plummet in first half as foreign projects dwindle

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BANGKOK, Aug 17 (Reuters) – Investment applications in Thailand fell 42% in the first half of 2022 from the same period last year, official data showed on Wednesday, driven by a sharp drop in overseas projects as the global economy slowed.

Foreign investment, which accounted for 60% of the 220 billion baht ($6.22 billion) in applications in January-June, fell by more than half year-on-year, according to data from the Board of Investment (BOI).

But a surge in investment in electric and digital vehicles (EVs) has turned the tide, and the BOI said on Wednesday it had approved several major new investment pledges.

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“We will continue to monitor the situation and adjust our policies and incentives to ensure Thailand remains the resilient destination of choice for global investors in fast-growing sectors such as electric vehicles,” the BOI said in a statement. .

The Southeast Asian country has promoted high-tech sectors and supported electric vehicles to maintain its status as a regional auto production base. Read more

In January-June, investment pledges in electric vehicles jumped 212% from a year earlier to 42.4 billion baht, while those in the digital sector jumped 202% to 1, 45 billion baht, the BOI said.

On Wednesday, the BOI approved investment pledges worth 44.5 billion baht – including BYD’s (1211.HK) 17.9 billion baht Chinese project to produce electric vehicles and the project gas production of 18 billion baht from PTT (PTT.BK), the agency said. .

($1 = 35.38 baht)

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Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai and Panarat Thepgumpanat Writing by Orathai Sriring Editing by John Geddie

Our standards: The Thomson Reuters Trust Principles.

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