Investment value from new applications submitted to the Board of Investment (BoI) during the first eight months (January-August) of this year rose 21% from the same period last year because of strong government promotional support, says Hiranya Suchinai, the BoI secretary-general.
She said the investment value from both Thai and foreign companies in the first eight months was 653 billion baht from 1,159 projects submitted to the board.
That was a 21% rise year-on-year from 542 billion baht from 1,563 projects.
"Investment value rose substantially in the first eight months thanks to strong government investment promotion policies that increased investor confidence," said Mrs Hiranya.
The target for real investment value was 550 billion baht for the whole year.
For foreign direct investment, investment value from applications in the first seven months saw Japan remain the leader with total investment of 27 billion baht from 151 projects.
Hong Kong ranked second with 22 billion baht of investment from 24 projects, while China had 21 billion from 55 projects. Singapore was fourth with 14 billion in investment from 59 projects.
"Japanese investment was mostly in automotive and auto parts industries as well as chemicals," she said.
Major investment from leading foreign investors was for cross-linked acrylic polymers to produce airbags in cars, other chemicals, rubber and tyre industries, said Mrs Hiranya.
Of the total investment, there are eight new investment projects slated for special economic zones (SEZs), which is the government's flagship policy to promote gradual investment along border areas, she said.
The SEZ investment includes machinery and equipment industries in Tak, food and animal feedstuff industries in Trat and Kanchanaburi, and a leather project in Sa Kaeo.
"The BoI expects more investment to come in the last quarter this year as the government continues to promote new investment and more investment applications are expected to be approved," said Mrs Hiranya.
To attract more investment, the BoI plans to hold roadshows during Oct 4-8 in France and Germany, expecting to draw not only new investment but also technology transfers, she said.