BOI Unveils Four-Month Plan to Unlock 300 Billion Baht of Stalled Investment
The Board of Investment (BOI) is tackling a backlog of 70 projects, worth 300 billion Baht, by introducing a 'Fast Pass' system and launching a major national skills initiative
- Thailand's Board of Investment (BOI) has launched a four-month plan to accelerate the approval of 70 stalled investment projects valued at 300 billion Baht.
- The plan aims to resolve bureaucratic hurdles, particularly permit and licensing delays, through direct intervention from the BOI.
- A "Fast Pass" system will be implemented for critical projects, using high-level coordination and Service Level Agreements (SLAs) with government agencies to significantly shorten processing times.
- This investment drive is the first of three core strategies for the four-month period, which also include developing a skilled workforce and upgrading Thai entrepreneurs.
Thailand’s Board of Investment (BOI) has announced an ambitious plan to accelerate the approval of approximately 70 outstanding investment projects, with a combined value of 300 billion Baht, aiming to get them started within the next four months.
The move is part of a broader economic push under the new administration, with the BOI vowing to directly intervene to resolve bureaucratic hurdles, particularly issues related to permits and licensing.
To tackle the permit backlog, the BOI will implement a ‘Fast Pass’ system for critical projects. This mechanism will involve high-level coordination with all relevant government agencies to significantly shorten processing times.
"The Fast Pass will identify crucial projects and provide them with what is effectively a privilege card," explained BOI Secretary General Narit Therdsteerasukdi. "It requires agreeing to a Service Level Agreement (SLA) with each agency. For example, if a normal process takes 100 days, can we agree to reduce that to 50 days under the Fast Track? This cooperation is key to making the system work."
Narit confirmed that this urgent focus on permits aligns with the mandate from Deputy Prime Minister and Finance Minister Ekniti Nitithanprapas.
The drive to accelerate investment forms the first of three core strategic pillars the BOI will focus on over the initial four months. The others are human resource development and elevating Thai entrepreneurs.
"These are not short-term efforts, but an intense start is needed to produce tangible results in this initial phase," Narit stated.
The BOI has identified a pressing need to develop a skilled workforce for high-growth sectors, including clean energy, semiconductors, electric vehicles (EVs), advanced digital technology (AI), and Bio-Circular-Green (BCG) industries.
To close the skills gap, the BOI is partnering with the Ministry of Higher Education, Science, Research and Innovation (MHESI) and the private sector to align labour demand with educational supply.
The strategy includes:
Bootcamps: Short-term training courses often combined with practical factory placements.
Online Training: Utilising digital platforms for skill development.
Subsidies: Financial support for training costs provided via BOI tools.
The initiative aims to create 100,000 jobs and upgrade five priority industries.
Finally, the third measure is designed to boost the competitiveness of Thai entrepreneurs by encouraging them to modernise. This involves supporting the adoption of automation, digital technology, and more efficient machinery.
These three key measures—accelerating investment, building the workforce, and upgrading businesses—will be presented and discussed at the next BOI Board meeting.
The meetings for all four key BOI-related boards, including the EV Board and the National Semiconductor Board, are expected to take place by early November.
