The Board of Investment (BOI) expects Thailand's investment value in 2024 to exceed the 848 billion baht the country posted last year, thanks to new outlays in electric vehicle (EV), upstream electronics and digital technology industries.
The value is based on business applications for investment incentives granted by the BOI.
Narit Therdsteerasukdi, secretary-general of the BOI, said on Friday that further investment needs to be promoted, while green energy should be adopted, in a speech on state and private sector roles in driving the Thai economy at the forum "Reshaping Thailand for a Sustainable Future."
He said he is confident ongoing investment roadshows abroad and investment promotion packages will continue to draw investment.
"The BOI is in talks with prospective investors, inviting them to invest in key industries such as EV and electronics," said Mr Narit.
New-generation cars, especially EVs, and smart electronics are among 12 targeted S-curve industries slated for development in the Eastern Economic Corridor.
Thailand is currently a hub of printed circuit board investment.
The BOI earlier announced a five-year investment promotion strategy, aiming to build a "new economy" in Thailand.
The strategy is slated to run from 2023 to 2027, with the BOI supporting investments in high technology, green and smart industries, as well as businesses driven by creativity and innovation. These sectors are expected to drive a new economy and increase competitiveness, he said.
"We set a target to increase total investment value to 3 trillion baht over five years, or around 600 billion baht yearly," said Mr Narit.
Thailand can serve as an attractive investment destination for foreign investors looking to relocate production facilities to avoid the impact of trade wars and geopolitical conflicts, he said.
Factors such as global warming and cybersecurity issues remain key challenges for the Thai economy, Nilsuwan Leelarasamee, vice-chairman of the Federation of Thai Industries (FTI), said at the same forum.
She reiterated a need for entrepreneurs to adopt bio-, circular and green (BCG) economic development to build sustainable businesses.
BCG, which is a national agenda item, encourages manufacturers to use technologies to add value to their products and minimise the impact on the environment.