FRIDAY, March 29, 2024
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BoI’s Food Innopolis status extended to five more zones

BoI’s Food Innopolis status extended to five more zones

Thailand’s Board of Investment (BoI) on Friday (November 1) has extended the “Food Innopolis” status to five more sites after granting the title to eight locations previously.

BoI has also decided to reopen its investment incentive scheme to electric vehicle (EV) charging stations, while incentives for electrical appliance and electronics manufacturers has also been revised. 
After a BoI meeting chaired by Prime Minister General Prayut Chan-o-cha, BoI secretary-general Duangjai Asawachintachit said the BoI had approved five more sites as “Food Innopolis” science and technology zones as proposed by the Higher Education, Science, Research and Innovation Ministry.
The five newly named sites are located in Thammasat University, King Mongkut University of Technology Ladkrabang, Ubon Ratchathani University, Walailak University and Naresuan University.
This move will further enhance the Food Innopolis network, which includes Thailand Science Park in Pathum Thani province, Chiang Mai University, Khon Kaen University, Prince of Songkhla University, Kasetsart University, Chulalongkorn University, Mahidol University and King Mongkut University of Technology Thonburi.
“Investment projects in targeted industries that located in any of the 13 Food Innopolis locations will receive additional privileges on top of the normal package of five to 10 years of corporate income tax exemption depending on the type of business. These top-up privileges comprise a 50 per cent corporate income tax deduction for five years or an additional two years of corporate income tax exemption," Duangjai said.
“The target activities qualifying for investment promotion include plant and animal breeding, research and development, and scientific testing services, among others. This arrangement aims to help push Thailand towards its goal of becoming a global food innovation hub.”

Extension of incentives for EV charging stations
The board also approved a new set of investment incentives to promote charging stations for a wider range of electric-powered modes of transport, including boats, after the previous scheme, which applied only to charging stations for cars, ended in December 2018.
In order to increase the coverage area of EV charging stations, the new scheme sets additional requirements for projects seeking to receive BoI incentives, including a minimum of 40 chargers per project, at least 25 per cent of which must be quick chargers. 
Investors will receive 5 years corporate income tax exemption among other privileges.

Revised conditions and privileges
To keep up with changing technology in the electrical appliances and electronics (E&E) industry, the board also agreed to revise the conditions and privileges for the sector with the aim of making Thailand a manufacturing base for smart electronics and electrical appliances.
To stimulate investment that will increase the country’s competitiveness, projects that will undertake R&D and design activities in Thailand will receive additional privileges.

Natural gas power plant project
The board also agreed to grant investment incentives to a natural gas power plant project in Chachoengsao province, with a generation capacity of 560 megawatts and a total investment value of Bt22.27 billion.

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