The fourth phase (recovering stage), which started in 2003,
saw a recovery in outward FDI. ASEAN and China were
the main recipients. FDI to Europe and the United States
began to pick up but remained at a low level. Manufacturing
was the most active sector for Thai outward FDI. Stronger
economic growth at home, improved corporate financial
positions and the need to access new markets encouraged
Thai companies to venture overseas.7 The prospect for Thai
outward FDI is encouraging given the number of recent
policy announcements to support outward FDI, increased
institutional support facilities, recovery from the financial
crisis, improved Thai enterprises’ capacity to venture
abroad, and the conclusion of regional and bilateral free
trade agreements.