Of the total number of applications, 74 projects were submitted by companies, including Ford Motor Company, General Motors and Seagate Technology.

To continue the success, the government announced in February of a seven-year investment strategy that includes a mix of non-tax, merit-based incentives and tax benefits. It will also remove zoning restrictions for foreign investors.

The country is hoping the new investment strategy will encourage investments especially in the high tech and creative industries. Priority will be given to “business activities” or investments that will support Thailand’s overall development strategy, which includes Thailand’s participation in the ASEAN Economic Community (AEC).