The total value of investment applications received by the Thailand Board of Investment (BOI) for the full year 2019 reached 756.1 billion baht (about USD25 billion), above the 750 billion baht target, while the number of projects submitted increased 7% from a year earlier to 1,624 projects, Deputy Prime Minister Somkid Jatusripitak told reporters today.

Out of the total applications, 59% were for investments in the area known as the Eastern Economic Corridor (EEC), which totaled 444.9 billion in value, due to several large projects, including the construction of the high-speed train linking 3 airports, Mr Somkid said after a policy meeting held at the BOI offices in Bangkok.

Also, some 286.5 billion baht worth of applications, or 38% of the total, involved investments in the target industries, he said. The top three industries in terms of the value of applications were electronics, automotive and petrochemicals.

The value of applications for foreign direct investments (FDI) amounted to 506.2 billion baht (about USD16.7 billion), representing about two third of the total value of all applications received, BOI data showed.

In terms of the source of the FDI applications, out of a total of 991 projects submitted, Chinese companies led in terms of value, with investors from Japan, Hong Kong, Switzerland, and Taiwan completing the top five, BOI data showed.

“Despite the very competitive and challenging environment, investors continue to express their confidence in Thailand,” added Ms Duangjai Asawachintachit, Secretary-General of the BOI. “The percentage of projects applying for investment in the EEC and our target industries indicate that Thailand has remained a competitive investment destination.”