BANGKOK, Aug 17 (Reuters) – Funding functions in Thailand dropped by 42% within the first half of 2022 in comparison with the identical interval final yr, official knowledge confirmed on Wednesday, led by a pointy fall in international tasks as the worldwide financial system slowed.

International investments, which made up 60% of the general 220 billion baht ($6.22 billion) of functions in January-June, greater than halved year-on-year, knowledge from the Board of Funding (BOI) confirmed.

However a surge in electrical automobile (EV) and digital investments bucked the development, and the BOI stated on Wednesday it had authorised a number of new main funding pledges.

“We are going to proceed to watch the state of affairs and alter our insurance policies and incentives to make sure Thailand stays the resilient vacation spot of alternative for international traders in quick rising sectors equivalent to electrical autos,” BOI stated in a press release.

The Southeast Asian nation has promoted high-tech sectors and supported EVs to keep up its standing as a regional auto manufacturing base. learn extra

In January-June, funding pledges in EVs surged 212% from a yr earlier to 42.four billion baht whereas ones within the digital sector jumped 202% to 1.45 billion baht, the BOI stated.

On Wednesday, the BOI authorised funding pledges value 44.5 billion baht – together with China’s BYD (1211.HK)‘s 17.9 billion baht venture to provide EVs, and PTT (PTT.BK)‘s 18 billion baht fuel manufacturing venture, the company stated.

($1 = 35.38 baht)

Reporting by Kitiphong Thaichareon, Satawasin Staporncharnchai and Panarat Thepgumpanat
Writing by Orathai Sriring
Modifying by John Geddie

Our Requirements: The Thomson Reuters Belief Ideas.