Thai investment applications top $25b in 2019

Bangkok, Thailand. Photo: Jakob Owens/unsplash

Investment applications in Thailand reached a total 756 billion baht ($25.07 billion) worth of projects in 2019, down about 16% from the previous year but slightly beating a target, the state investment agency said on Monday.

The agency targeted 750 billion baht in investment pledges last year, down from 902 billion baht recorded in 2018.

In 2019, Thai and foreign firms submitted 1,624 projects in Southeast Asia’s second-largest economy, the Board of Investment (BOI) said in a statement.

Of those, about 445 billion baht of planned projects was for the Eastern Economic Corridor, a centerpiece of the government’s policy to spur growth and attract hi-tech industries such as robotics and aviation.

Last year, China beat Japan for the first time as Thailand’s top foreign investor, as firms relocated production due to the U.S.-China trade war, Deputy Prime Minister Somkid Jatusripitak told reporters.

“That’s because costs in China are higher,” he said, adding China’s planned projects were worth 260 billion baht, far above Japan’s 73 billion baht.

Last year, the government launched a relocation package, including tax incentives and special investment zones, to draw foreign firms seeking to escape the trade war.

Somkid said he had asked the BOI and the finance ministry to consider further measures to spur investment over the next six months because private investment had remained low.

The BOI is expected to meet again early next month and offer an investment target for 2020 as it is assessing economic conditions, agency head Duangjai Asawachintachit said.

Thailand’s growth has lagged most regional peers for years. The central bank has projected growth of 2.8% this year after a five-year low of 2.5% in 2019.

Reuters

 

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.