FRIDAY, March 29, 2024
nationthailand

Chinese companies flock to BOI amid trade war

Chinese companies flock to BOI amid trade war

The number of applications from China's companies seeking Board of Investment (BOI)'s tax privileges surged by 100 per cent year on year in the first nine months to Bt45 billion, said BoI secretary-general Duangjai Asawachintachit.

Most of these projects come with an investment of Bt6 billion to Bt10 billion each, with the majority in the fields of rubber-processing and tyre manufacturing. 
She said the surge in BOI applications was mainly due to the on-going US-China trade war, forcing Chinese companies to relocate their production bases to countries in Southeast Asia, particularly Thailand.
However, BOI has kept its target of Bt750 bn on the total value of projects applying for tax privileges this year. 
It will be more aggressive next year in wooing foreign investment with the focus on Asian investors. 
She expects more foreign companies to invest in Thailand following the Kingdom's rise in ranking, from 27th to 21st, in the World Bank’s Ease of Doing Business 2020 list, out of 190 countries surveyed.

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