Foreign investment applications to Thailand amounted to 118.5 billion baht (3.8 billion U.S. dollars) in the January-September period, down 29 percent from a year earlier, as investors were adversely affected by the COVID-19 pandemic, according to the latest report by the country's state investment agency on Wednesday.

"However, the pandemic is only a short-term factor," Secretary General of the Board of Investment (BOI) Duangjai Asawachintachit said in a press briefing, adding "foreign investors eye at long term investments."

Duangjai said that because of Thailand's geographical convenience in the middle of Southeast Asia, many investors have established a manufacturing hub in Thailand so that they can export their goods to other countries easier.

Japan and China remained Thailand's biggest investors, with projects worth 37.5 billion baht (1.2 billion U.S. dollars) and 21.2 billion baht (683.2 million U.S. dollars) respectively.

Duangjai said Thailand aims to attract 300 billion baht (9.6 billion U.S. dollars) of overall investment this year.