Thailand's EEC extends tax breaks to lure high-tech Korean firms
The Eastern Economic Corridor Office (EECO) has agreed to extend tax and other investment privileges for South Korean companies.
The move is aimed to attract more Korean investment in the EEC for high-tech businesses, including electric vehicle making and smart city development.
An EECO source said the agency will extend a memorandum of understanding on investment privileges with the Korea Trade-Investment Promotion Agency (Kotra). The MoU had been due to expire soon.
The extended MOU will cover EV manufacturing, and the health product, biological technologies, logistics, and smart cities sectors.
The two agencies will hold an online meeting to discuss details of the extension, the source added.
South Korean companies have applied for Board of Investment (BoI) privileges on 63 projects worth 14.367 million baht since 2018.
The South Korean projects receiving privileges are in the automaking, digital, electronics and biological sectors.
Over the past 10 years, South Korean businesses have sought and obtained BoI tax privileges for 365 projects, worth 65.123 million baht.
