Thailand foreign investment pledges slump 54% in 2020, outlook hazy

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BANGKOK: Foreign investment applications in Thailand dropped 54% to 213 billion baht ($7.12 billion) in 2020 as companies were deterred by the coronavirus pandemic, while this year's outlook remains uncertain, an investment agency said on Wednesday.

Japan remains Thailand's biggest investor, with projects worth 76 billion baht, followed by China's 31 billion baht of pledges and the United States' 25 billion baht, the Board of Investment said in a statement.

"The coronavirus outbreak represented both a challenge and an opportunity," BOI chief Duangjai Asawachintachit told a briefing. "There are still a lot of unknowns," she said, adding the agency would try to maintain previous investment levels. Thailand has not fully lifted entry restrictions on tourists that it imposed last April to reduce infections, although it is accepting some visitors on long-stay visas, who represent only a small fraction of the usual numbers.

 

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