BOI Sees 1.71 Trillion Baht Investment Requests in Nine Months
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The Board of Investment (BOI) disclosed that investment promotion applications for the first nine months of 2024 (January–September) reached 1,954 projects worth a combined 1.707 trillion baht, a 28% increase from the same period last year. The main drivers were the digital, electronics, and agriculture and food industries, reflecting confidence in regulatory improvements, infrastructure, the Thailand FastPass measure, and workforce development through Skill Bridge.
The digital and AI–semiconductor sectors pushed investments above 1.2 trillion baht. The digital industry recorded the highest application value at over 1.17 trillion baht from 139 projects, nearly doubling. Electronics and electrical appliances followed at 189.37 billion baht from 262 projects, up 7%, driven by global demand for AI, semiconductor, and electronic components. Specifically, AI supply chain projects numbered 111 with a value exceeding 1.2 trillion baht, covering data centers, cloud services, chip design, semiconductor manufacturing and testing, integrated circuits, PCBs, photonics, power management, AI servers, HDDs, and components. Key applicants include Analog Devices (semiconductor testing and ICs), Delta Electronics (PCBs and power systems), Western Digital Storage Technologies (HDDs), Eoptolink Technology (photonics and optical transceivers), and Celestica (network switches, mainboards, AI servers). The expansion of AI and data centers is spurring demand for servers, high-speed storage and networking, power and cooling systems, attracting manufacturers and creating opportunities for Thai firms to join component production, installation, and maintenance, linking digital infrastructure with the domestic electronics base.
Agriculture and food applications rose 59% to 218 projects worth 80.19 billion baht, covering modern food and beverages, animal feed, modified starches and natural extracts, rubber products, and products and packaging from agricultural produce or waste. Investors include Nestlé (coffee and pet food), Thai Inaba Foods (pet food), Siam Quality Starch and Siam Modified Starch (specialty starches), and European Food (snacks), boosting domestic raw material use and higher-value processing. This aligns with the World Bank's view that digital services, advanced manufacturing, and agriculture and food are high-potential sectors for driving the economy and creating quality jobs, alongside new industries such as AI, semiconductors, advanced electronics, electric vehicles, aerospace parts, automation, and robotics.
The energy and utilities sector led in project count with 313 applications worth 59.87 billion baht, covering renewable power plants including solar, wind, biomass, and biogas.
