PM sets govt priorities for investment promotion
THE government will give priority to investment projects that could boost the economy and enhance the country's trade and industrial competitiveness, Prime Minister General Prayut Chan-o-cha said yesterday.
Speaking on a TV programme, Prayut said that in the past eight months, the Board of Investment had approved 1,050 projects worth about Bt680 billion.
In December alone, about 2,000 projects with investment value of Bt1.4 trillion were submitted to the BOI, he said.
Prayut also reiterated that the government had announced the establishment of special economic zones in 10 districts of five border provinces, covering a total of 1.83 million rai (nearly 283,000 hectares). The five provinces are Tak, Mukdahan, Sa Kaew, Trat and Songkhla.
Previously, the government set up a Policy Committee on Special Economic Zone Development to consider the scope of the SEZs, infrastructure, investment, customs points, industrial estates, workers, healthcare and stability.
Meanwhile, corporate income tax will be waived for businesses in the SEZs for at least three years but no more than eight years. Businesses that have enjoyed an eight-year tax break will also gain a 50-per-cent tax deduction for five more years. Import duties will be waived for machinery, raw materials and necessary items needed to produce for exports.
Industries with green technology will receive a waiver on corporate income tax for eight years and the 50-per-cent tax deduction for five additional years.
For activities in the zones that do not gain BOI promotional privileges, corporate income tax will be cut from 20 per cent to 10 per cent for 10 accounting periods.
Push for infrastructure
Prayut said government agencies might have to expedite planning for infrastructure projects in the SEZs, while additional laws might be needed concerning trade regulations. Connectivity with neighbouring countries’ economic areas also needed to be facilitated.
Eventually, the government plans to have SEZs in five more provinces, Prayut said. These are Chiang Rai, Nong Khai, Kanchanaburi, Nakhon Phanom and Narathiwat.
The special economic zones are part of the economic corridor and need development as centres for trade, investment and distribution of goods for the Asean Economic Community.
