BANGKOK (Reuters) – Investment applications in Thailand fell 42 percent in the first half of 2022 compared with the same period a year earlier, due to a sharp drop in foreign projects as the global economy slows, official data showed on Wednesday. .
Foreign investment accounted for 60 percent of the total 220 billion baht ($6.22 billion) in applications from January to June, more than halved year-on-year, data from the Board of Investments (BOI) showed.
But a surge in electric vehicle (EV) and digital investment is bucking the trend, the BOI said Wednesday it has approved several new major investment commitments .
“We will continue to monitor the BOI and adjust our policies and incentives to ensure that Thailand remains the preferred destination for global investors in fast-growing sectors such as electric vehicles,” the BOI said in a statement. .
The Southeast Asian country has
From January to June, investment commitments in electric vehicles increased by 212% year-on-year to 42.4 billion baht. Investment in the digital sector, BOI said up 202 percent to 1.45 billion baht.
On Wednesday, the BOI approved investment commitments worth 44.5 billion baht, including China’s BYD’s 17.9 billion baht electric vehicle production project, and PTT 18 billion baht gas production project in China.
(Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai and Panarat Thepgumpanat; Writing by Orathai Sriring; John Edited by Geddie)