BoI applications on the rise

Investment applications sent to the Board of Investment (BoI) reached a six-month high in June, a sign of rebounding confidence in Thailand even though the first-half figure was down sharply year-on-year.

The investment promotion agency yesterday said 132 projects had applied for investment privileges, up from 119 in May.

However, investment applications dropped by 34.4% in the first six months to 534, with the value falling by 43.7% to 600 billion baht.

"On a monthly basis, investment applications have been on the rise since May," said secretary-general Udom Wongviwatchai.

"This is a good sign that investors who held back their investments due to the political uncertainty are now having growing confidence and beginning to apply for incentives."

He said the BoI believed this year's target of 700 billion baht was still possible.

Foreign direct investment fell 34% to 407 projects in the first half from 619 in the same period last year, with value plunging 14% to 239 billion baht from 279 billion. But the number of applications increased from 69 in April to 73 in May and 82 in June.

Japanese investors submitted 194 projects worth 80.5 billion baht. Investment from the US quadrupled to 36.7 billion baht through 15 projects.

Metals, machinery and transport equipment attracted the greatest investment at 165 billion baht, followed by the services and infrastructure sector at 92.9 billion.

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