Investment Policy Monitor
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
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UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
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- Thailand - Narrows eligibility conditions for investment promotion incentives in certain sectors
Thailand
Narrows eligibility conditions for investment promotion incentives in certain sectors
01 Sep 2025The Board of Investment (BOI) of Thailand adopted a series of measures in 2025 to tighten the conditions for eligibility under its investment promotion regime, narrowing the scope of activities and privileges available to promoted projects across multiple sectors.
First, the BOI tightened eligibility requirements for promoted biorefinery activities. On 18 February 2025, Notification No. Sor. 2/2568 amended Notification No. 9/2565 by repealing the previous provisions on biorefinery promotion zones or industrial estates and introducing more stringent criteria. Under the revised framework, certain projects, including those involving sustainable aviation fuel, are required to have a minimum Thai shareholding of 51 per cent. In addition, promoted projects must be located outside Bangkok and Samut Prakan provinces and occupy a minimum area of 200 rai (approximately 320,000 square metres), of which 60–75 per cent must be designated for industrial use. The notification entered into force on 18 February 2025.
Second, the BOI narrowed the range of activities eligible for investment promotion. Notification No. Sor. 5/2568, adopted on 5 June 2025, removed new investment projects in the manufacturing of solar cells and solar panels, selected steel and metal products, and sorting or separation services for unwanted materials from eligibility for BOI investment promotion. The revised rules apply to applications for investment promotion submitted on or after 1 July 2025.
On 1 September 2025, following the amendment of Notification No. Sor. 7/2568, foreign-majority-owned companies applying for BOI promotion in selected metal, chemical and plastics manufacturing activities are no longer eligible for land-ownership privileges. However, this restriction does not apply to existing BOI-promoted companies that, over the past 15 years, have implemented at least three promoted projects under the same juristic person, with a combined investment value of at least B5 billion (approximately $140 million), excluding land and working capital.
In addition, the BOI tightened shareholding requirements for investment promotion in certain labour-intensive manufacturing activities. As a condition for obtaining BOI incentives, projects involving the manufacture of leather bags, furniture and printed materials are now required to have Thai individual shareholders holding at least 51 per cent of the registered capital, unless the promoted project is located in a BOI-designated special border economic zone. This notification was published in the Government Gazette on 30 December 2025 and entered into force on 1 September 2025.
Details on the measures introduced under Notifications No. Sor. 2/2568 and No. Sor. 5/2568 are available in the Investment Policy Monitor database:
Nature of measure:
- Entry restriction
- Treatment and operation
Type:
- Entry and establishment (Access to land)
- Promotion and facilitation (Investment incentives)
Industry:
- Manufacturing (Manufacture of textiles, wearing apparel, leather and related products, Manufacture of chemicals and chemical products, Manufacture of rubber and plastics products, and other non-metallic mineral products, Manufacture of basic metals, Manufacture of fabricated metal products, except machinery and equipment, Manufacture of furniture, Other manufacturing)
Inward FDI:
YesOutward FDI:
NoSources:
- Official Gazette(ratchakitcha), Announcement of the Board of Investment No. S. 7/2568 Regarding Amendments to the List of Business Categories Eligible for Investment Promotion under Announcement of the Board of Investment No. 9/2565, https://ratchakitcha.soc.go.th/documents/85576.pdf, 30 Dec 2025
- Tilleke&Gibbins, Thailand Restricts Foreign Land Ownership and Shareholding for Certain Promoted Investments, https://www.tilleke.com/insights/thailand-restricts-foreign-land-ownership-and-shareholding-for-certain-promoted-investments/8/, 20 Jan 2026
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The Investment Policy Monitor provides the international investment community with up-to-date, country-specific information on recent policy developments affecting foreign direct investment (FDI).
Through its ongoing monitoring of investment policy changes, UNCTAD delivers cutting-edge and forward-looking contributions to investment policy discourse. The Monitor also supports evidence-based policymaking aimed at ensuring that foreign investment contributes to sustainable development. The Monitor also informs the analysis of global and regional investment policy trends featured in the World Investment Report, the Investment Policy Monitor publications and the joint UNCTAD-OECD Reports on G20 Investment Measures.
UNCTAD has tracked changes in national policies affecting FDI on an annual basis since 1992. Over time, the methodology has been revised to enhance the quality and consistency of reporting. The most recent revision, completed in 2024, further refined the monitoring framework and applied the updated classification to policy measures dating back to 2012.
-
UNCTAD Investment Policy Monitor The UNCTAD Investment Policy Monitor database compiles official measures affecting FDI adopted by United Nations Member States. These encompass measures explicitly targeting foreign investment (FDI-specific), as well as general investment measures that have a clear impact on such investment (FDI-related).
The measures are either reported directly to UNCTAD by Member States through annual surveys or identified by UNCTAD researchers through publicly accessible sources (such as government websites and specialized policy databases).
The classification of measures as more or less favourable to investors is based solely on their potential impact on investors. The type of measures included in each category are described below. This classification does not reflect any value judgement by UNCTAD on the merit or suitability of the measure.
Classification of the nature of measures
More favourable to investors
Liberalization: includes privatization; lifting of entry restrictions (e.g. opening of sectors to FDI) and entry conditions (e.g. minimum capital requirement); removal (total or partial) of FDI screening or approval mechanisms; lifting of foreign exchange restrictions; liberalization of land access.
Facilitation: includes streamlining of investment procedures (e.g. one-stop shops); greater transparency of investment-related laws and procedures (e.g. information portals); introduction by IPAs and other entities of new services to assist investors (e.g. linkages programmes, investor visa facilitation or alternative dispute resolution mechanisms).
Promotion: includes establishment of IPAs or other institutions with a remit as investment promoters and expansion of their mandate; adoption of investment promotion strategy and plans; introduction of PPPs, auctions, and concessions initiatives or framework; introduction of OFDI promotion initiatives.
Incentives: includes adoption of new tax and financial incentives schemes for investment; introduction of other incentives (e.g. citizenship by investment programmes); adoption of new SEZ-related incentives.
Other regulatory changes: includes enhancement of investor treatment and protection guarantees; easing of labour or migration regulations concerning foreign hires and key personnel; removal of operational restrictions on investment (e.g. local content requirements).
Less favourable to investors
Entry: includes introduction or tightening of entry restrictions (e.g. total or partial ban on FDI in specific sectors); introduction or tightening of entry conditions (e.g. minimum investment threshold, joint venture requirements or State participation in strategic sectors); introduction or expansion of screening mechanisms for national security.
Treatment and operation: includes introduction or expansion of foreign exchange restrictions; introduction or expansion of restrictions on foreign hires and key personnel; removal or reduction of investment incentives; introduction or expansion of post-establishment requirements for local content; reduction of guarantees for investment treatment and protection; introduction or expansion of restrictions on OFDI.
Note: Measures are verified, to the fullest extent possible, by referencing government sources. The compilation of measures is not exhaustive.
Disclaimer: the boundaries and names shown and the designations used on this map do not imply official endorsement or acceptance by the United Nations.
Share
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