BOI lures investors with 9 new measures to build ‘new economy’ in Thailand
The Board of Investment (BOI) has come up with nine new measures to attract investment as part of Thailand’s move to create a “new economy”.
Under this five-year investment promotion strategy, which kicks off next year, the BOI will support investment in high technology, green and smart industries as well as businesses driven by creativity and innovation.
It is believed that these sectors will boost Thailand’s competitiveness and spark the start of a new economy.
The nine measures, some of which cut down on bureaucratic red tape for prospective investors, were approved by BOI’s executive board on Friday.
BOI secretary-general Narit Therdsteerasukdi said the list also includes measures like the retention and expansion program as well as the relocation program, which will promote Thailand’s standing as a key base for new industries and international businesses.
There are also measures promoting industries necessary for national development and improved competitiveness.
The measures also aim to promote economic recovery and social development by encouraging investment in small and medium-sized enterprises. The proposal also includes a measure to upgrade existing industries to become “smart” and sustainable.
The new measures go into effect from January 2023, the BOI chief said.
“Thailand’s strength lies in its ability to respond to global challenges on food security and clean energy. We have a strong support base for industries, which is key to future investment,” he said.
Narit added that additional BOI benefits will be available for investors in specific industries, especially those that involve advanced technology and innovation. The targeted industries include biotech, nanotech and advanced materials technology in which know-how is transferred in joint projects with academic institutions or research centres. Investors in these industries are entitled to A1+ benefits, including tax exemption for 10 to 13 years.
New industries eligible for BOI benefits include the manufacturing of fuel-cell electric vehicles (FCEV), battery swapping stations, generation of hydrogen-based electricity, space-related businesses and the production of food for the future.
Apart from devising the nine measures, BOI has also set up a subcommittee to tackle obstacles facing investors, especially those in targeted industries, Narit said.
He added that the panel is chaired by Energy Minister Supphattanapong Punmeechaow.
