ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailMenu BurgerPositive ArrowIcon PrintIcon SearchSite TitleTitle ChevronIcon Twitter
Economy

Thai investment applications top $28bn in 2018, exceed target

BANGKOK (Reuters) -- Investment applications in Thailand reached a total of 902 billion baht ($28.2 billion) worth of projects in 2018, 43 percent higher than requests the previous year and beating a target of 720 billion baht, the state investment agency said on Wednesday.

Thai and foreign firms submitted a total of 1,626 projects in Southeast Asia's second-largest economy, the agency said in a statement.

Of the total applications, 680 billion baht worth of investment was in the Eastern Economic Corridor, a centrepiece of the junta's policy to boost growth and target investment into hi-tech industries such as robotics, electric vehicles and aviation, as Thailand transitions from those dependent on cheap labour.

The Board of Investment targets 750 billion baht of investment pledges in 2019, slightly higher than last year due to uncertain global economic conditions, deputy prime minister, Somkid Jatusripitak, told reporters.

Higher expectations for investments is partly driven by companies shifting production and supply chains out of China to Southeast Asia, as risks and fears of trade war mount, with countries such as Thailand and Vietnam being the preferred destinations.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Get Unlimited access

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends April 19th

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to the Nikkei Asian Review has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media