Thailand expects 22% drop in investment pledges in 2022

The government said that Thailand expects overall investment applications to drop by 22% to THB500bn (USD13.8bn) this year after a first-half slump. The government, however, is hoping its measures to promote investment, including a long-term resident visa launched this month, will draw more foreign investors later this year, said spokesman Anucha Burapachaisri. The Southeast Asian country has promoted high-tech sectors and supported electric vehicles to maintain its status as a regional auto production base. In H1 of 2022, Thai and foreign investment pledges slumped 42% to about THB220bn, due mainly to a large power plant project last year, according to the Board of Investment. Foreign investments, which made up 60% of the overall applications in the January-June period, have more than halved year-on-year.