Thursday, August 13, 2020

Somkid woos US investors for 'Silicon Valley' where BOI privileges await them

Jul 03. 2020
Somkid Jatursripitak
Somkid Jatursripitak
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By THE NATION

Deputy Prime Minister Somkid Jatursripitak met US Ambassador Michael George DeSombre on Thursday (July 2) to woo US investment for the Thai Silicon Valley based in Chonburi where Board of Investment privileges await investors.

“I told him [DeSombre] to focus on our country, because geographically we are at the centre of the region, and once the Eastern Economic Corridor [EEC] is ready in 2021, our nation will be even more outstanding,” Somkid said.

“I also told him that our nation is focusing on improving service and technology industries, and we want the US to invest in our version of the Silicon Valley, which will be located in the EEC,” Somkid said, adding that Washington should also consider investing in start-ups, research centres and educational institutes.

 

Michael George DeSombre (left) and Somkid (right)

The “Thailand Digital Valley” project, covering 30 rai in Chonburi’s Sri Racha district, will become a new national digital hub for the country and will also serve as a platform for smart cities as well as help digitise the EEC industrial section.

In order to draw investment for the digital valley, the Board of Investment (BOI) is offering special privileges such as 50 per cent reduction in corporate tax for two years. It is also promoting the valley as a digital ecosystem as well as offering investors opportunities to collaborate with the Geo-Informatics and Space Technology Development Agency (GISTA).

Meanwhile, the deputy PM also told the envoy that Thailand’s capital market was similar to that of Singapore, because the Stock Exchange of Thailand has built connections with China and Hong Kong’s stock markets.

DeSombre responded by commending Thailand’s ability to build a huge supply chain for industrial production.

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