FRIDAY, March 01, 2024
nationthailand

BOI to propose ‘Thailand’s Next Step’ plan to new government

BOI to propose ‘Thailand’s Next Step’ plan to new government

The Board of Investment of Thailand (BOI) is preparing a plan to propose to the new government that aims to attract investors by focusing on creating an ecosystem and enhancing ease of doing business in five target industries.

The plan, dubbed “Thailand’s Next Step” will prioritise bio-circular-green (BCG) businesses, electric vehicles (EV), smart electronics, digital, and creative industries, Narit Therdsteerasukdi, secretary-general of the BOI, said this week.

He said “Thailand’s Next Step” will feature non-tax privileges to promote the building of an ecosystem and infrastructure that facilitate investment in Thailand, while the BOI office will also organise roadshow activities overseas to attract potential investors from China, Japan, the United States, and more.

The goal of “Thailand’s Next Step” is to make the country a hub for international businesses and skills with strong supply chains, especially in smart and sustainable industries, he said.

Meanwhile, the BOI will promote area-specific investment under the global minimum tax rate to reduce reliance on tax privilege measures, he added.

Over the past three years (2020-2022) the five target industries have applied for investment privileges from the BOI to the tune of more 680 billion baht. They are:

BCG industry: applied for 287.8-billion-baht worth of privileges, mostly in renewable energy, waste processing, and green technology.

EV industry: applied for 78-billion-baht worth of privileges, mostly in EV infrastructure, charging stations, and battery manufacturing.

Smart electronics: applied for 210.3-billion-baht worth of privileges, mostly in wafer fabrication, automotive electronics, electronic design, research and development.

Digital industry: applied for 60.85-billion-baht worth of privileges, mostly in data centres, cloud services, digital ecosystem.

Creative industry: applied for 52.81-billion-baht worth of privileges, mostly in film, games, animation, gems and jewellery.

From January to June this year, 891 applications were submitted to the BOI seeking tax and other investment privileges for investments worth 364.42 billion. The number of projects rose by 18% from the same period last year while the value of the projects increased by 70%.

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