Foreign investment jumped by 73% in the first five months of this year to 154 billion baht, according to the Department of Business Development (DBD).
Poonpong Naiyanapakorn, director-general of the DBD, said that 90 applications were submitted by foreign investors last month. The three countries with the highest number of investors were China, Singapore and Taiwan.
During the first five months, 528 applications from foreign investors were approved, a 24% increase compared with the same period last year, when 426 approvals were granted.
The total investment was 154 billion baht, an increase of 64.6 billion baht, or 73% year-on-year.
During the period, the five territories with the highest number of investors were the US, China, Singapore, Japan and Hong Kong.
According to the department, investors from the US established 87 businesses in Thailand during the first five months of the year, with total investment of 5.98 billion baht. Key sectors included engineering services, advertising, and contract manufacturing of products such as plastic pellets.
Chinese investors set up 85 businesses, with investment totalling 30 billion baht. Key areas of investment included silver jewellery manufacturing, and contract manufacturing of products such as printed circuit boards.
Singaporean investors accounted for 74 businesses in the first five months, with investment totalling 36.5 billion baht. Key areas included wholesale trading of products such as automotive parts and vehicle batteries, as well as data centre services.
From January to May, Japanese investors established 71 businesses, with investment totalling 27.2 billion baht. Key investments included engineering and technical services, electric vehicle charging station services, and software development services.
Hong Kong investors established 48 businesses, with total investment of 9.3 billion baht. Key investments included engineering and technical services; engineering design, installation and testing services for wind power projects; and software development services.
Of the 528 total investments, 254 were approved under the Investment Promotion Act and granted privileges by the Board of Investment, with a combined investment of 101.66 billion baht. The top three investment areas included contract manufacturing services for products such as aircraft engine cases; high-value services such as trade and investment support offices; and computer-related services, according to the department.
A total of 161 foreign investors expressed interest in investing in the Eastern Economic Corridor (EEC) during January-May, accounting for about 30% of the total number of foreign investors, according to the DBD.
Investment value in the EEC was 59.9 billion baht, accounting for about 39% of total investment value.
China topped the list with investment value of 24.6 billion baht, followed by Singapore with investment worth 9.94 billion baht and Japan with investment value of 8.42 billion baht.
The remaining 65 investors from various countries had a combined investment value of 16.9 billion baht.
Key sectors included maintenance services for aircraft nacelles and parts for military aircraft; wholesale services; repair and maintenance services for telecommunications equipment and devices used in fibre-optic communication systems; and contract manufacturing of air-conditioner parts.
