Singapore tops BOI applications at THB 547bn, driven by global parents

Investment promotion applications in 2025 increased significantly in both the number of projects and investment value, with 3,370 projects, up 11%, and investment value of THB 1,876,653 million, up 67%—the highest figures since the BOI was established.

The five target industries with the highest investment value were:

1. Digital industry: THB 746,198 million across 151 projects, mostly investments in data centres by leading companies from Singapore, China, Hong Kong, Japan, Europe and Thailand.
2. Electronics and electrical appliances: THB 277,645 million, including the production of printed circuit boards (PCBs) and raw materials for PCBs, with total investment of THB 249,162 million, as well as the establishment of Thailand’s first upstream, cell-level battery plant by Sunwoda Automotive Energy Technology, a top-10 global manufacturer of battery cells for EVs and energy storage systems.
3. Automotive and parts: THB 84,085 million, including investment projects to manufacture vehicles by Japanese automakers, as well as projects producing aircraft tyres, in-vehicle intelligent systems, and various automotive parts.
4. Agriculture and food processing: THB 75,683 million, mostly investments in food and food additives, packaging made from agricultural produce or agricultural waste, rubber processing, animal feed production—especially pet food, where the market is growing strongly—and the production of oils from plants or animals.
5. Petrochemicals and chemicals: THB 58,396 million, such as the production of recycled polypropylene pellets, conductive carbon black powder for lithium-ion batteries, and aseptic plastic packaging projects.

There were also other high-investment businesses important for economic restructuring, such as renewable or waste-to-energy power generation at THB 107,655 million, and medical businesses (medical device production and medical services) at THB 28,883 million, among others.

Narit Therdsteerasukdi, Secretary-General of the BOI, said the investment figures reflect investor confidence in Thailand’s potential and readiness—especially in new, high-technology industries and green industries that support sustainable development. Investors see Thailand as having strong fundamentals suitable for long-term investment.

He said Thailand also meets the needs of modern investment, including infrastructure and logistics systems, clean energy potential, quality human resources, a complete supply chain, and Thailand’s position on the global stage in maintaining neutrality and good relations with many countries—enabling trade with markets worldwide.

Narit said applications under the measure to upgrade existing industries—an important measure helping existing operators adapt and improve efficiency—totalled THB 68,269 million in 2025, up 99%, mostly investments in adopting digital technology, upgrading machinery, and introducing automation systems in production lines.

For foreign direct investment (FDI), there were 2,421 projects applying for promotion, up 21%, with investment value of THB 1,359,925 million, up 66%. The top 10 countries by value of promotion applications were: Singapore, Hong Kong, China, Japan, the United Kingdom, the United States, Taiwan, the Netherlands, France, and Switzerland.

A news report said Singapore’s FDI applications for BOI promotion have increased continuously over the past five years, as follows: 2025 at THB 547,316 million; 2024 at THB 357,540 million; 2023 at THB 159,387 million; 2022 at THB 44,286 million; 2021 at THB 29,669 million; and 2020 at THB 16,365 million.

Narit said the sharp rise in investment filed via Singapore was driven by large investments from companies with parent companies of Chinese, Japanese and American nationality. Most investment—almost 60%—was located in the Eastern region, worth THB 1,109,349 million, followed by the Central region at THB 428,137 million, the Northeast at THB 111,567 million, the South at THB 35,044 million, the North at THB 32,465 million, and the West at THB 14,214 million, respectively.

Regarding promotion certificates, after the BOI approves a project, companies must submit financial and incorporation documents to obtain the certificate. In 2025, the BOI issued 2,779 promotion certificates with investment value of THB 1,152,782 million, up 36%—a positive signal that in the next 1–2 years there will be substantial realised investment that will help stimulate the economy.

“Projects promoted in 2025 will increase employment of Thai personnel by more than 220,000 people, use domestic raw materials and parts worth more than THB 1 trillion per year, and increase the country’s export value by more than THB 2 trillion per year,” he said.

For the outlook in 2026, investment is expected to continue growing from 2025, driven by five main factors:

1. Relocation of production bases due to geopolitical conflicts. Many large companies previously based in China are expanding to new production locations, maintaining China for the China market while investing in ASEAN as a production base and for exports to global markets, including the US.
2. Rapid technological development and the growth of new industries, especially digital technology and AI, accelerating investment in digital infrastructure—particularly data centres, AI infrastructure and cloud services—as well as semiconductors, advanced electronics and smart devices.
3. The global push towards sustainability, driving green investment across logistics, raw materials, production processes, products and packaging—green throughout the supply chain—along with rising demand for clean energy, leading to continued surges in renewable energy investment.
4. Transition into an ageing society, reducing the labour force and pushing businesses to adopt technology, driving expansion in digital businesses as well as automation and robotics industries.
5. Thailand’s potential and readiness, including clear and continuous investment promotion policies and a business-friendly environment, will be key factors supporting investor decisions to expand production bases in Thailand.