BoI eyes new schemes to woo investment, foreign talent

The Board of Investment (BoI) is planning to come up with several schemes to woo investors and help those affected by the Covid-19 outbreak, BoI secretary-general Duangjai Asawachintachit said on Tuesday.

She added that BoI will propose next month that its board consider adding clinical study as a new type of medical equipment business that can enjoy tax privileges. She said clinical study is one of the fundamentals of the medical equipment industry.

Applications for BoI tax support in the production of medical equipment has surged after it began offering certain additional benefits to investors in April.

The BoI offered these extra benefits to those who are committed to investing within this year and plan to sell more than 50 per cent of their products domestically.

Between May and August this year, BoI has received applications for investment worth Bt13 billion in the production of medical equipment.

The BoI will also propose the launching of measures to help investors retain their employees during the ongoing crisis.

BoI will also revise its smart-visa policy, making it easier to woo more foreign talent to work in Thailand.

Thailand’s smart-visa programme was launched to woo skilled workers, investors, executives and start-up entrepreneurs to work in targeted industries here.

The government’s Centre for Economic Situation Administration on September 16 approved in principle amendments to the criteria of granting smart visa to foreigners in a bid to woo more investment. 

Related story: Govt eyes new visa rules in bid to woo investors

The value of the projects applying for BoI support during the first half of this year was Bt158 billion, down 17 per cent year on year. Duangjai believes investment will improve next year as Thailand’s economy has bottomed out.