Thailand’s growth slowed to 1.9% in the second quarter, the National Economic and Social Development Council (NESDC) said, as Citi Asia South Cluster & Banking Head Amol Gupte urged industrial upgrading, the Bangkok Post reported.
Speaking to the newspaper, Gupte said rising labor and materials costs were making price-based competition harder. He cited clean mobility as evidence Thailand can expand into more sophisticated industries, including advanced manufacturing, electric vehicles and automation.
NESDC said growth eased from 2.8% in the first quarter. It forecast full-year 2026 growth of 2.0% to 2.5%, with a midpoint of 2.2%.
Citi announced a partnership with the Board of Investment (BOI) on July 24 to support Thailand’s efforts to attract foreign investment. The bank said its presence in more than 180 countries and jurisdictions would support investor outreach, including roadshows coordinated with BOI offices abroad. Citi also said it would provide multinational companies with cross-border trade finance, foreign exchange and treasury services, alongside domestic working-capital, liquidity and cash-management support.
The BOI received 1,299 applications for investment promotion from January through June, worth 1.474 trillion baht, up 37% from the same period in 2025. Digital industry applications totaled 1.115 trillion baht across 90 projects. Applications for electronics and electrical appliances reached 120.23 billion baht across 179 projects. The figures represent proposed investment, not completed projects.
Separately, the BOI said it approved 1,300 projects worth 1.306 trillion baht in the first half. The agency projected those projects would create more than 82,000 jobs for Thai workers, use 386 billion baht in domestic materials annually and generate more than 1.24 trillion baht in annual exports.
Narumon Chivangkur, Citi Country Officer and Banking Head for Thailand, said the partnership could “strengthen Thailand’s long-term competitiveness” through talent, knowledge and technology transfer. Citi and the BOI said planned roadshows in key markets would be part of their investment outreach.
