The Thailand Board of Investment (BOI) has approved a new investment strategy for 2015–2021 aimed at promoting high technology, eco-projects, as well as research and development.
The strategy will focus on seven sectors: agro-industry and agricultural products; minerals, ceramics, and base metals; light industry; metal products, machinery, and transport equipment; electrical engineering and electronics; chemicals, paper, and plastics; and services and public utilities.
According to the BOI Secretary General, Udom Wongviwatchai: “This policy is intended to make Thailand a more attractive destination for investment, ensuring more sustainable long-term growth.”
Currently, the BOI offers up to eight years of corporate income tax exemption and relief from import duties on equipment and raw materials.
Mr. Udom Wongviwatchai stated that the new industrial incentives will include even greater corporate tax exemptions for companies engaged in research and development.
The Board has also agreed to abolish existing investment zones in order to promote the development of new regional industrial clusters.
In addition, the BOI intends to revise its project evaluation criteria, placing primary emphasis on quality rather than the size of the investment. The BOI will also implement stricter monitoring and evaluation of projects after approval.
Source: Bangkok Post