Thailand's surge in IMD competitiveness list reflects dynamic economy, says BOI
BANGKOK, June 17, 2019 /PRNewswire/ -- Thailand's 5-rank rise in the 2019 IMD World Competitiveness Rankings, released in late May, reflects the business friendly environment and the dynamism of the economy which are the key factors attracting foreign direct investment (FDI) to the country, according to Thailand Board of Investment (BOI).
Overall, Thailand moved up to 25th, from the 30th rank the previous year, in rankings of a total of 63 countries issued by the Lausanne, Switzerland-based International Institute for Management Development, better known as IMD.
"Thailand's new ranking shows sustained foreign investment and the improvements we have made in the areas of knowledge, talent, training, technology, and regulatory framework all part of the government's Thailand 4.0 policy," said Duangjai Asawachintachit, Secretary General of the BOI. "The policies of the BOI aim to encourage further investment in advance technology education, research and innovation and to focus on efficient digital infrastructure and human resource development, to attract the industries of the future."
Thailand's improved overall ranking, the highest in 10 years, was due to better marks in the areas of Economic Performance, notably due to an increase in international investment, Government Efficiency, and Infrastructure, according to IMD data.
Thailand ranks 21st in the area of international investment, 6th in tax policy, 16th in public finance, and 6th in international trade, according to IMD's country report.
The country's ranking in the area of Technology improved to 28th, from 38th five year ago, IMD report shows.
In 2018, the total value of applications received by the BOI from foreign companies seeking investment privileges, the true measurement of foreign investors confidence, doubled from the previous year to 582.6 billion baht (USD18.3 billion), according to BOI data. The total foreign investment value of projects approved by the BOI rose 11% in the year to 255.6 billion baht, amid rising investments from Japan, China and the U.S.
In the quarter ended March 2019, total foreign investment applications rose to 84.1 billion baht, a more than three-fold increase from 23.8 billion baht in the year earlier quarter. The total foreign investments in approved projects rose 41% in the same period to 74.9 billion baht, from 52.9 billion baht, according to BOI data.
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
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