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China returns as Thailand's top investor through electronics, EVs

Thai investment authority approves $118m BYD battery plant

Thai baht notes at a bank in Bangkok. The Bank of Thailand will hold the Monetary Policy Committee this week.   © Reuters

BANGKOK -- China was Thailand's top source of investment in 2022, the first time in three years, as investors from the world's second largest economy channeled $2.3 billion into the kingdom's key industries such as electronics, automotive and data centers, the Thai Board of Investments said on Friday.

China last held the No. 1 position in 2019, when manufacturers scrambled to protect supply chains from the U.S.-China trade war. Thailand and Vietnam were among the top recipients of relocated capital. Japan enjoyed top status in 2020 and 2021 as the pandemic closed China's borders and froze investment activity.

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