Thailand approves $3.7b of investment in various industries
Thailand’s investment agency Board of Investment (BoI) said on June 18 that it approved applications for 18 projects worth about $3.7 billion, mainly in the auto industry, at its first board meeting after the May 22 military coup. The meeting was chaired by the junta’s leader, Gen. Prayuth Chan-ocha.
The largest approval was for Toyota Motor Corp., which plans to spend $1.6 billion for production of pickup trucks and parts, the BoI said.
Also approved were a tyre production project worth $581 million by LLIT (Thailand) and production of coated steel sheets worth $307 million by Posco Coated Steel (Thailand), the BoI said.
Another approved plan was for investment of $283 million by a joint venture of SAIC Motor Corp. of China and Thailand’s Charoen Pokphand Group, for car production.
Thailand is a regional vehicle production and export base for the world’s top car manufacturers. Domestic auto sales in Thailand tumbled 38 per cent in May from a year earlier, the Federation of Thai Industries said.
One approved plan, from Luxemburg’s Supernap International SA’s, is for a $212 million investment in a data center.
The projects endorsed on Wednesday are among big applications awaiting approval. The military government said early this month that backlogged applications for local and foreign investors to invest more than $21 billion would be acted on within two months.
The army seized power in a bid to restore order and business confidence after months of political unrest hurt consumption and investment.
The total value of investment applications fell 42 per cent to $9.5 billion in the first five months of this year from a year earlier. Within that, foreign investment requests dropped 10 per cent to $7 billion baht.
The junta has announced measures it hopes will get the sputtering economy going again. It is seeking to fast-track infrastructure spending, which has been derailed by the political crisis.
On Wednesday, Thailand’s central bank cut this year’s growth forecast nearly by half to 1.5 per cent but it saw a much brighter 2015 as the military government tries to reinvigorate the economy.
Thailand's investment agency Board of Investment (BoI) said on June 18 that it approved applications for 18 projects worth about $3.7 billion, mainly in the auto industry, at its first board meeting after the May 22 military coup. The meeting was chaired by the junta's leader, Gen. Prayuth Chan-ocha. The largest approval was for Toyota Motor Corp., which plans to spend $1.6 billion for production of pickup trucks and parts, the BoI said. Also approved were a tyre production project worth $581 million by LLIT (Thailand) and production of coated steel sheets worth $307 million by Posco Coated Steel (Thailand),...
Thailand’s investment agency Board of Investment (BoI) said on June 18 that it approved applications for 18 projects worth about $3.7 billion, mainly in the auto industry, at its first board meeting after the May 22 military coup. The meeting was chaired by the junta’s leader, Gen. Prayuth Chan-ocha.
The largest approval was for Toyota Motor Corp., which plans to spend $1.6 billion for production of pickup trucks and parts, the BoI said.
Also approved were a tyre production project worth $581 million by LLIT (Thailand) and production of coated steel sheets worth $307 million by Posco Coated Steel (Thailand), the BoI said.
Another approved plan was for investment of $283 million by a joint venture of SAIC Motor Corp. of China and Thailand’s Charoen Pokphand Group, for car production.
Thailand is a regional vehicle production and export base for the world’s top car manufacturers. Domestic auto sales in Thailand tumbled 38 per cent in May from a year earlier, the Federation of Thai Industries said.
One approved plan, from Luxemburg’s Supernap International SA’s, is for a $212 million investment in a data center.
The projects endorsed on Wednesday are among big applications awaiting approval. The military government said early this month that backlogged applications for local and foreign investors to invest more than $21 billion would be acted on within two months.
The army seized power in a bid to restore order and business confidence after months of political unrest hurt consumption and investment.
The total value of investment applications fell 42 per cent to $9.5 billion in the first five months of this year from a year earlier. Within that, foreign investment requests dropped 10 per cent to $7 billion baht.
The junta has announced measures it hopes will get the sputtering economy going again. It is seeking to fast-track infrastructure spending, which has been derailed by the political crisis.
On Wednesday, Thailand’s central bank cut this year’s growth forecast nearly by half to 1.5 per cent but it saw a much brighter 2015 as the military government tries to reinvigorate the economy.
