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The Prime Minister’s Office has assigned the Board of Investment (BOI) to draw up details to provide additional tax and non-tax incentives to encourage private investment on smart city projects.
PM’s Office Minister Suvit Maesincee said the government had planned to pilot the smart city projects in seven provinces: Bangkok, Phuket, Chiang Mai, Khon Kaen and three in the Eastern Economic Corridor (EEC) – Chachoengsao, Chon Buri and Rayong. 
The establishment of the projects in those seven provinces would be completed next year before the government expands it to cover other provinces nationwide within 2021, he said.
Suvit added that the additional incentives were needed to lure investment in smart city projects since potential investors would have to spend on creating those cities’ smart infrastructure and Big Data systems. He also assigned the BOI to adjust its incentives more in line with the provinces’ development plans.

GOVT TO PROMOTE |MORE ORGANIC FARMS

The Commerce Ministry set a target of expanding the area of organic farms from its current 200,000 rai to 600,000 rai |in 2021.
Minister Apiradi Tantraporn said the ministry would provide guidance to farmers in how to run their businesses organically, how to seek sales avenues for their produce as well as bringing their produce to local and international fairs.

EXIM BANK CONFIDENT OF MEETING LOAN TARGET

Export-Import Bank of Thailand believes it will meet this year’s loan growth target of between 5-6 per cent in line with the growth of the export sector, especially the exports of small and medium sized enterprises.
Bank president Pisiti Serewiwattana is convinced loans will continue to grow next year but the bank has yet to set its 2018 target.
It has focused more on serving companies exporting to Cambodia, Laos, Myanmar and Vietnam.
The bank posted a net profit of Bt668 million in the first half of this year, up Bt55 million year on year. It had outstanding loans of Bt85.391 billion during that time, up from Bt12.075 billion over the same period in 2016.

MYANMAR DEPOSIT |INTEREST RATE GOES UP

The Myanmar Banks Association said the interest rate for all its deposit accounts will increase from 6 to 8 per cent from yesterday. 
The interest rates for other deposits remain unchanged. Private banks will calculate the interest rate for call deposits on a daily basis and add the interest rate to the total deposit every three months. 
In October last year, some |private banks reduced the interest rate for the call deposits above 10 million kyats from 8 to 6 per cent and 4 per cent for below 10 million kyats. – Myanmar Eleven