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Thailand's new promotion package to attract investment

Sep '19
Pic: PRNewsfoto/Thailand Board of Investment
Pic: PRNewsfoto/Thailand Board of Investment
Thailand's economic ministers meeting on September 6 endorsed a package of measures, called 'Thailand Plus', that aim at attracting more foreign investment, especially to expedite investments from companies seeking to relocate as a result of the ongoing China-US trade war, deputy secretary general to the prime minister Kobsak Pootrakool said after the meeting.

"The new package covers comprehensive measures that will enhance Thailand's attractiveness as an investment location, including investment acceleration incentives, fiscal measures supporting STEM manpower development, deregulation, and improved pre- and post-investment services," said Kobsak, who is also secretary of the economic ministers’ council.

"Thailand's economic development policy is in line with South Korea's New Southern Policy, China's Belt and Road Initiative, the Indo-Pacific strategy of Japan and the United States, and India's Look East Policy. Thailand is also a prominent hub linking the countries in mainland Southeast Asia, or CLMVT (namely Cambodia, Laos, Myanmar, Vietnam and Thailand), and ACMECS (Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy) area," a Board of Investment (BOI) press release quoted Kobsak as saying.

The package includes enhanced investment incentives, manpower development support in science, technology, engineering and mathematics (STEM), automation investment support and enhanced investment facilitation.

Investment projects worth at least 1 billion baht ($32.26 million) in the identified activities submitted to the BOI by the end of 2020 will be entitled to additional five years of 50 per cent reduction of corporate income tax provided at least 1 billion baht of actual investment is put in place by December 2021.

Employers will be eligible to special deduction of training expenses related to advanced technology endorsed by the ministry of higher education, science, research and innovation to expedite re-skilling and up-skilling of the workforce. Expenses spent hiring new highly skilled manpower, in fields of science and technology will also be entitled to special deduction.

Investments in automation systems will be entitled to double deduction to further strengthen and accelerate transformation of the industry. An investment steering committee, chaired by the prime minister, will be set up to coordinate the consideration and facilitation of the investment projects, especially those involving large investments.

BOI secretary general Duangjai Asawachintachit said to increase the ease of doing business in the country, the government aims to reduce constraints faced by foreign investors, especially in target industries. (DS)

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October 2019

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