The Industry Ministry has approved factory permits for 158 of the 241 applications submitted last month after the period for approvals was cut to 30 days from 90, says permanent secretary for industry Witoon Simachokdee.
Since July 1, the ministry's Industrial Works Department cut the time for issuing factory permits, or Ror. Ngor. 4, to 30 days following complaints from companies about delays.
The remaining 83 applicants are being reviewed and a decision should be made within a month, said Mr Witoon.
"The move to speed up Ror. Ngor. 4 issuance should drive economic growth following the decline," he said.
The 241 applicants intended investment of 43.5 billion baht, with the projection of creating 15,900 new jobs. The power sector attracted the most applicants at 32, followed by concrete manufacturing with 12.
"We confirm that in less than a month, factory permits will be approved. This is in line with the National Council for Peace and Order's plan to improve business investment," said Mr Witoon.
He said applications would remain high in the second half as investor confidence has returned.
The ministry will continue to strictly adhere to regulations and closely monitor companies who try to cut costs by ignoring adverse impacts to the environment and local community caused by their factories, he added.
In past years it took almost two years in some cases for permits to be granted. Permits for renewable energy projects were criticised as being the slowest, with over 100 applications delayed. The delays prompted the Energy Regulatory Commission to grant the permits itself for renewable energy projects earlier this year.
Mr Witoon said the Industry Ministry will work closely with the Federation of Thai Industries to further facilitate investments and reduce corruption.
In the first seven months of 2014, 2,212 applications were granted permits, down 5.4% from 2,339 in the same period of 2013, with investment value surging 8.76% to 211 billion baht from 194 billion. The projects are expected to generate 60,700 jobs, up 10% from 54,700 a year earlier.