Foreign investment in Thailand grows 106 percent year over year

BANGKOK (NNT) – Despite a drop in approved foreign companies able to undertake business in Thailand by 23 percent compared to last year, the number of foreign companies investing in Thailand from January to November this year has reached 22.153 billion baht (22,153,000,000), showing a 106 percent growth rate.

The Department of Business Developmen’s Deputy Director General, Poonpong Naiyanapakorn, said the doubling in the number of such foreign investors, was a result of the activities of high investment businesses such as metro projects management, installation and testing services for natural resource exploration, and petroleum extraction.

1,165 foreign investment projects have been processed via the Board of Investment (BOI) over the first nine months of this year, worth 314.13 billion baht (314,130,000,000), which is an 11 percent increase year-on-year. Companies that have received investment promotion from the BOI are exempted from having to process a business operations permit according to the Foreign Business Act.

The Department of Business Development is now working to streamline regulations and facilitate the applications of investors who have filed for investment promotion with the BOI. Currently, foreign businesses which have received business promotion are still required to apply for foreign business certification within 30 days.

The department will be proposing an information sharing scheme which will allow foreign companies to pay fees on the e-Payment system, which will reduce the time required for a foreign business certification application process to only one day.

Source: Thai NNT

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Adam Judd
Mr. Adam Judd is the Co-owner of TPN Media since December 2017. He is originally from Washington D.C., America, but has also lived in Dallas, Sarasota, and Portsmouth. His background is in retail sales, HR, and operations management, and has written about news and Thailand for many years. He has lived in Pattaya for over nine years as a full-time resident, is well known locally and been visiting the country as a regular visitor for over a decade. His full contact information, including office contact information, can be found on our Contact Us page below. Stories please e-mail Editor@ThePattayanews.com About Us: https://thepattayanews.com/about-us/ Contact Us: https://thepattayanews.com/contact-us/