BoI approves overseas-investment promotion strategies

Chaired by Deputy Prime Minister and Finance Minister Kittiratt Na-Ranong, the board today also approved incentives for overseas investment projects destined to other Asean countries, China, India and others.
Industry Minister MR Pongsawat Sawasdivat said after the board's meeting that these strategies are expected to enhance Thai entrepreneurs' competitiveness, increase overseas remittances to Thailand, and lift Thailand's status in the global economic arena.
Action plans to support the overseas investment included training programmes for entrepreneurs as well as Thai employees and the establishment of an overseas investment centre. The board also highlighted target industry clusters as well as tax and other financing incentives.
The BoI was established to draw foreign direct investment into the Kingdom. In light of saturation in manufacturing activities and growing environmental concerns over pollution, the BoI has been under pressure to change its role. The new strategy came at the time when a number of Thai companies are financially strong and experienced enough to venture overseas.
 
 
 
The board also agreed to promote the manufacturing of big bikes in the Kingdom. Earlier, projects to win the BoI's investment incentives are for the manufacturing of bikes with engine power of 500cc or more. Under today's approval, the manufacturing of bikes with engine power of 250cc is entitled to the incentives.
Pongsawat said that this would turn Thailand into a bigger big bike manufacturing hub.
The board also extended the waiver on replacement machinery import tariff until the end of this year, as over 150 flood-affected factories in Ayutthaya and Pathum Thani are prepared to file for such incentive. The original deadline was June 30 and the BoI has so far approved the applications of 490 factories of which combined value of machinery is worth Bt108.7 billion.