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Thailand BOI Exceeds Investment Targets by 43 Percent in 2018

BANGKOK, Jan. 30, 2019 /PRNewswire-PRWeb/ --A The Thailand Board of Investment (BOI) announced that applications for investment projects submitted to the organization increased by 43% from 2017 to 2018, amounting to $28.2 billion USD, and surpassing the investment target set for the year of $22 billion USD by 25%. BOI received 1,626 applications for investment projects, of which 84% were in the country's 10 target industry sectors. Most large-scale investments were in the petrochemical and electric vehicles (EV) sectors, and 75% of investments will go to the country's Eastern Economic Corridor, the industrial heart of Thailand. "2018 was a record-breaking year for Thailand BOI," said Mr. Chokedee Kaewsang, Deputy Secretary General of the Thailand Board of Investment. "Thailand continues to be recognized as an excellent place to do business by companies from all over the world. In 2019, BOI will continue to focus on supporting measures that will keep Thailand's business climate favorable and welcoming to companies from all industry sectors, with the ultimate goal of making this our Golden Year of Investment."BOI's investment application goal for 2019 is slightly higher than last year's target of 750 billion baht ($23 billion USD). In order to reach this goal, the Thai government will continue to focus on key industry sectors such as aerospace. To this end, Thailand will host the "Civil Aviation Southeast Asia Summit 2019" (CASEA 2019) this year on August 28-29, 2019, in Bangkok. At this event, international aviation experts are scheduled to discuss the current outlook for Southeast Asia's aviation industry as well as the opportunities and challenges presented by significantly growing markets in the region, The Thai government also recently approved a draft bill for a new Air Navigation Law, which allows foreign investors to own up to 100% of shares in aircraft manufacturing, aircraft parts manufacturing, and maintenance, repair and overhaul (MRO) investments in the Kingdom. Global aerospace companies have a long history of operations in Thailand. Most recently, Airbus, along with Thai Airways, are set to develop a new MRO center near U-Tapao Airport. Upon completion in 2023, the campus will have the capacity to service 80-100 aircraft a year and will become one of Asia's most advanced aerospace centers. The Thai government has also set into motion a plan to attract investments to an 'Aerotropolis' that covers a 30 kilometer radius around U-Tapao Airport and is home to 600 companies involved in aerospace as well as other industries.About BOI
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI's services are free of charge and customized to help business succeed in Thailand. For more information, please visit https://www.boi.go.th and https://www.thinkasiainvestthailand.com
A SOURCE Thailand BOI
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