Paper Title
Determinants Of Thailand’s Outward Foreign Direct Investment Toward CLMV Countriesin The Industrial Sector

Abstract
Over the past 40 years, Thailand has regularly benefitted from foreign direct investment (FDI). Recently this source of income has reduced, and the country’s outward foreign direct investment (OFDI) has increased in the ASEAN region. Cambodia, Lao PDR, Myanmar and Vietnam as the CLMV countries are new economic sources for Thai investors as local policy structure is conducive to an expanding business market to diversify risks in production and sales while expanding opportunities for growth of the Thai economy. A quantitative Bayesian panel autoregressive distributed lag (ARDL) method was performed to investigate why OFDI by the Thai industrial sector has been historically low and determine reasons for the current increase. Empirical evidence shows that growth of GDP per capita, availability of labor, inflation rate, and openness in each country have a significant positive impact on OFDI by the Thai industrial sector; conversely, the exchange rate and wages have a negative impact. Results will assist the Thai Government and other institutes to decide policy selection regarding OFDI. Keywords - OFDI, Panel ARDL, Bayesian estimation, Thai economy, CLMV economy