mu Space gets BOI investment incentives to compete in global space industry
Satellite and space technology company mu Space and Advanced Technology Co Ltd has secured Board of Investment (BOI) investment promotion privileges to compete in the international space technology market.
mu Space is granted A1 level of investment promotion incentives and privileges, the highest rank of any eligible incentives, with the manufacturing of its small satellite components in a category of high technology industry; manufacture or repair of aircraft, or aerospace devices and equipment section.
The company said its investment plan focuses on two aspects -- machinery, and research and development.
The main objective of mu Space’s investment in machinery is to serve the manufacturing process. These machines include raw materials and equipment both domestically and internationally made, such as 3D printer or additive manufacturing, CNC machine, robotic Arms, Attitude Control Test Bed, Air bearing, helmholtz cage, and sun simulator. For investments in R&D and spacecraft engineering systems, the company plans to impart knowledge on satellites and space technology.
mu Space founder and CEO, , said: “Innovations that blend technology and art need the use of knowledge on real science, engineering, and fundamental thinking that our team has implemented earnestly.”
The CEO strongly views the company’s young team members as mu Space’s strength.
“We have a group of young-generation personnel that have high capability. Thailand also has the advantages of natural resources and energy as well as existing infrastructure from heavy industry like automotive manufacturing.”
mu space is granted BOI incentives and privileges including eight years of exemption from corporate income tax, exemption of import duties on machinery, exemption of import duties on raw materials used in R&D, exemption of import duties on raw materials used in production of export, as well as merit on decentralisation which is a 50 per cent reduction of income tax for another 5 years, along with other privileges that are not tax-related.
“Our plan in the next 3-5 years is generating thousands of highly paid jobs, offering higher payments for talents in the new technology circle, and boosting more trading within the community. We hope to eventually establish a high technology ecosystem that attracts people’s attention and interest in technology,” says James.
Key groups of mu space’s clients are private companies such as telecommunications and internet service providers, state enterprises such as space and defence agencies, heavy industry, and other aerospace companies.
“We are the first mover in Asean and often compared with other players in Europe, the US, and Australia. What we have already invested will begin to take off within the next 3-5 years”, added the CEO.
mu space team is currently developing Space Internet Data Center. The company is also expanding its operations to a new factory (size M), which is 10 times bigger than its original one and helps increase production capacity. The company is planning to launch its self-developed satellite and space technology at mu space’s technology day event. This satellite will have its first actual test launch into space and will be ready for service within 2021, the company said.