Project Value under Board of Investment Programs Increases 80% in First Quarter

By Paphamon Arayasukawat

BANGKOK (NNT) - The value of investment projects, submitted under Board of Investment (BoI) tax incentive programs, has increased by 80% year-on-year to 123.36 billion baht in the first quarter, driven mainly by the COVID-19 pandemic and measures to curb the spread of the virus.

BoI Secretary-General Duangjai Asawachintachit said the number of applications for new investment projects, from January to March, increased 14% year-on-year to 401. Medical devices, home appliances and electronic equipment were the most attractive categories to investors.

She said, besides the pandemic factor, investors’ interest in S-curve industries, as well as the relocation of investment projects from China to ASEAN, also contributed to the investment growth in Thailand.

According to the BoI, total investment value in the Eastern Economic Corridor (EEC) rose by 39% year-on-year, to 64.41 billion baht, with Rayong leading the way with 29.43 billion baht, followed by Chon Buri with 24.97 billion baht and Chachoengsao with 10.01 billion baht.