Investment board unveils new measures to transform Thai economy
Thailand’s Board of Investment (BOI) has developed nine measures to attract more investment into smart and sustainable industries as part of the effort to create a “new economy” in Thailand – one focused on innovation and sustainability.
BOI secretary-general Narit Therdsteerasukdi said on Thursday that its executive board has endorsed the new measures and that they will take effect on January 3.
The nine measures are part of the five-year investment promotion strategy (2023 to 2027) designed to help the economy focus on innovative and sustainable growth, Narit said.
One of the nine measures is to encourage more investment into industries important to national development, including electric vehicle manufacturing, food of the future, and the space industry, Narit said. Others include boosting the competitiveness of industries through research and development, retention and expansion programs, relocation programs, and upgrading to smart and sustainable industries, Narit added.
Incentives include tax exemptions for three to 13 years, he said.
The five-year strategy that the nine measures are part of aims to transform the Thai economy into one driven by technology, innovation and creativity. It also places environmental and social sustainability at its core. The new economic model is intended to ensure balanced and sustainable growth.
The strategy involves industrial restructuring to strengthen Thailand’s industrial potential and supply chain, transformation to smart and sustainable industries, positioning Thailand as a regional hub for international business and trade, strengthening startups and SMEs, and encouraging Thai entrepreneurs to invest more overseas.