The Board of Investment of Thailand (“BOI”) announced that applications for investment promotion in 2024 have surged by 35%, reaching a total value of 1.14 trillion Baht, marking the highest level since 2014. This significant growth is largely attributed to substantial foreign direct investment (“FDI”) projects in data centers, cloud services, as well as semiconductor and advanced electronics manufacturing.
For the first time, the digital sector, which encompasses data centers and cloud services, topped the sectorial rankings in terms of investment value in 2023. A total of 150 projects worth 243.3 billion Baht were pledged. Prominent projects included applications from major tech and cloud service providers such as Google (Alphabet) from the U.S., Australia’s Next DC, and India’s CTRL Datacenters.
Looking ahead to 2025, the BOI plans to continue focusing on attracting investments that will establish a foundation for future industries and strengthen Thailand’s position as a regional hub for advanced technologies. Key areas of focus include electric vehicles and their components, batteries, semiconductors, smart appliances and devices, automation and robotics, data centers, cloud services, AI, and advanced digital technologies, as well as international business centers.
The BOI will also have a key role in driving the development of new industrial sectors in collaboration with two national committees: the National Semiconductor and Advanced Electronics Industry Policy Committee, and the National Electric Vehicle Industry Policy Committee. These committees are responsible for establishing a solid foundation for these industries, including creating growth strategies, improving regulations to encourage investment, and assisting Thai companies in integrating into global supply chains.