Foreign investment into Thailand up 118% in 11 months

A total of 884 foreign companies were approved to invest in Thailand in the first 11 months of 2024 under the Foreign Business Act of 1999, with total investment of over THB213.96 billion ($6.26 billion).

The investment capital represents a year-on-year surge of 118%, the Department of Business Development reported on Tuesday.

According to Oramon Sapthaweetham, director general of the Department of Business Development, the number of approved foreign enterprises increased by 44% from the previous year’s tally at 612 companies.

However, these companies hired fewer Thai workers during the January-November period, with 3,671 persons, a 40% drop from the same period last year.

Countries and territories that invested the most in Thailand, by number of businesses, are Japan, Singapore, mainland China, the US, and Hong Kong.

Oramon said 281 foreign businesses invested in the Eastern Economic Corridor (EEC) of Thailand in the last 11 months with total investment of THB50.39 billion, up 134% in volume and 158% in value from the same period in 2023.

Businesses that received high foreign investments included engineering design for the automotive industry, electronic and electrical assembly, software platform services, heat treatment, and parts manufacturing for the automotive, steel and plastic industries, she added.