BANGKOK – Ms. Oramon Sapthaweetham, Director-General of the Department of Enterprise Development of the Ministry of Commerce, announced data on the issuance of permits to foreigners to invest and do business in Thailand under the Foreign Business Act in the first quarter of 2024 (January-March).
A total of 178 companies received permits with a total investment value of 35.9 billion baht, resulting in the employment of 849 Thais.
The top 5 nationalities of foreign investors were:
Japan (40 entities, accounting for 22 percent of the total number of foreign businesses in Thailand), with an investment value of 19 billion baht, in businesses such as advertising and solar power generation services.
Singapore (32 entities, accounting for 18 percent), with an investment value of 3.29 billion baht, in businesses such as wellness centers and software development services.
The United States (29 entities, accounting for 16 percent), with an investment value of 1.04 billion baht, in businesses such as engineering services, insurance claims management services, and consulting services.
China (20 entities, accounting for 11 percent), with an investment value of 2.88 billion baht, in businesses such as providing services to affiliated companies or group companies, and franchising food and beverage businesses.
Hong Kong (11 entities, accounting for 6 percent), with an investment value of 1.01 billion baht, in businesses such as retail trade and international distribution centers.
“Compared to the first quarter of last year, 4 more foreign investors invested in Thailand, an increase of 2 percent, while the investment value increased by 2.85 billion baht or 9 percent. However, the number of Thai employees decreased by 1,083 or 56 percent. As in the previous year, Japanese investors were the most important investors.”
In the first quarter of 2024, there were 56 foreign investors investing in the EEC area, accounting for 31 percent of the total number of foreign investors in Thailand. This is an increase of 25 companies or 81 percent compared to the same period last year.
The total value of investments in the EEC area amounted to 11.6 billion baht, accounting for 32 percent of the total value of investments, an increase of 8.36 billion baht or 256 percent compared to the same period last year.
The investments came from the following countries: Japan (12 companies that invested 995 million baht), China (12 companies that invested 924 million baht), Singapore (8 companies that invested 898 million baht) and other countries (24 companies that invested 8.81 billion baht).
The main industries invested in were:
- Engineering services, including engineering design for various systems within industrial plants, such as electrical systems, cooling water systems, and air conditioning systems.
- Design of automotive components such as seatbelts and airbags.
- Electronics manufacturing services for finished electronic products in the areas of audio, video, and navigation systems.
- Software development services, including the development of software for sale and/or service, such as human resource management software.
