Industrial land sales increased by 182 % in fiscal year 2023.

Industrial land sales by the Industrial Estate Authority of Thailand (IEAT) rose 182% year-on-year in fiscal 2023 to 5,693 rai, thanks to the relocation of overseas manufacturing plants to Thailand and the government's investment policies. The figures surpassed the target projected 2,500 rai from Oct. 1, 2022 to Sept. 30 this year.

Besides relocation of industries, the increase in sales is attributed to increased investment in the Eastern Economic Corridor (EEC) and the policy of issuing long-term residence visas, which entitle foreigners to a 10-year stay, said IEAT chief Viris Ammarapala.

"Land sales in VEC amounted to 4,724.8 rai while the remaining 967.7 rai are outside VEC," he said.

The VEC, covering parts of Chonburi, Rayong and Chachoengsao provinces, will be transformed into the country's high-tech industrial hub, housing 12 priority S-curve industries, including next-generation automobiles and smart electronics.

Mr. Viris has set a target of 3,000 rai for industrial land sales in fiscal year 2024, an increase from fiscal year 2023. It is expected that 2,700 rai of land will be sold in VEC and the remaining 300 rai will be sold outside VEC.

IEAT currently manages 68 industrial zones across the country, as well as the Map Ta Phut deep-sea port in Rayong.

Japan was the top investor in Thailand, accounting for 30% of total investment, followed by China (12%), Singapore (8%), the US (6%) and Taiwan (5%). In fiscal year 2023, IEAT generated revenue of 8.5 billion baht and profit of 3.7 billion baht. The Authority continues to expand its business by developing a Smart Park industrial zone in Rayong to cater to S-curve industries. Its construction is currently 70% complete.

IEAT announced in 2021 to develop infrastructure to support renewable energy development, including hydrogen, solar and biomass, at Map Ta Phut and Smart Park industrial zones. The third phase of the Map Ta Phut deep-sea port development is 65% complete.