Thai investment applications down sharply, says BoI

Thai investment applications down sharply, says BoI
Bangkok Post

Applications for investment promotion privileges by Thai investors fell 32.8% in the first nine months from the same period last year, according to the Board of Investment.

Thai investors submitted applications for projects worth 100.4 billion baht for the year to Sept 30, compared with 149.5 billion in the same period last year.

But the value of foreign investors' applications over the same period rose to 132 billion baht from 95.2 billion. Applications by Thai-foreign joint ventures rose 82% to 213 billion baht from 117.5 billion.

BoI secretary-general Satit Chanjavanakul said total investment applications to Sept 30 rose 23% year-on-year to 446.1 billion baht. In terms of projects, applications were nearly unchanged at 959 this year compared with 955 for the first nine months of 2006.

Mr Satit said businesses involved in services and infrastructure, including logistics, alternative energy, automotive research and development and hotels, applied for promotions for 137.5 billion baht worth of projects, compared with 76.9 billion in the same period last year.

Applications for petrochemicals, plastics, pulp and paper projects declined to 97.6 billion baht from 140.5 billion, due in part to delays in approving new industrial projects along the Eastern Seaboard due to environmental concerns.

Mr Satit said electronics and home electrical appliances ranked third in terms of sectors attracting new investment, at 68.1 billion baht, up 24% from the same period last year.He said the BoI was confident of reaching its target of 500 billion baht in investment applications for the full year, on par with 2006. About 35 billion baht worth of new investment applications are planned for the fourth quarter for a new petrochemical plant in Map Ta Phut by PTT Plc and Siam Cement.