BoI ramps up approvals of investment

Many of the approved projects were in the "target industries" category, consisting of processed agricultural goods and industries requiring advanced technology and alternative sources of energy.

Acting secretary-general Hirunya Sujinai said the BOI approved 176 projects worth Bt60.57 billion in the services and infrastructure category, 98 electrical appliance/electronics projects worth a total of Bt56.13 billion, 179 projects pertaining to chemicals, plastics or paper totalling Bt35.85 billion 145 metals, machinery, and transport-equipment projects totalling Bt29.88 billion, 139 agriculture/agricultural goods projects totalling Bt19.79 billion, 43 light-industry projects totalling Bt10.12 billion, and 13 projects involving minerals, ceramics or basic metals totalling Bt5.21 billion.

The BOI is expediting its screening and approval process of pending investment projects. The BOI committee, which is chaired by Prime Minister Prayut Chan-o-cha, is supported by a working group that reviews applications on a weekly basis. Hence the BOI should be able to approve various projects that will contribute to economic growth this year, Hirunya said.

Another 176 projects with combined investment value of Bt28.83 billion are awaiting approval. Of these, 94 (or 53 per cent of the total) with combined investment value of Bt15.14 billion are classified as "target industries" that support the government’s strategic focus on specific industries relevant to the country’s economic growth and development. These include natural-rubber products, medical equipment and components, automobile components, electrical goods, software and digital content, electricity generation via recycled materials, and international exhibition centres.