Thailand is one of the favored FDI destinations for North American, European, and Asian companies in the ASEAN region.
Bangkok, Thailand (PRWEB) February 28, 2017
The Thailand Board of Investment’s New York office, announces the enactment of a new law that aims to enhance Thailand’s competitiveness in targeted industries, that waives corporate income taxes for up to 15 years and subsidizes investment expenses for R&D and innovation.
The National Competitive Enhancement Act for Targeted Industries BE 2560 (2017), widens investments incentives to make Thailand more competitive with other countries to draw companies to the country.
The law applies to companies investing in Thailand’s core industries such as biotech, advanced manufacturing, creative and digital industries, as well as companies using new technology or advanced production methods, in areas such as nanotechnology, advanced materials and digital technology.
The law, a key element of Thailand’s new 4.0 investment strategy, was announced by H.E. General Prayut Chan-o-cha, Prime Minister, at the first annual “Opportunity Thailand” conference that took place in Bangkok, on February 15, 2017. The one day conference focused on the Royal Thai Government’s commitment to continually improve the country’s business environment to ensure that Thailand remains a leading investment destination for foreign companies doing business in Asia and beyond. The conference was attended by Ministers from economy-related ministries such as Deputy Prime Minister for Economic Affairs, Minister of Industry, Minister of Commerce, Minister of ICT, Minister of Science & Technology, as well as high-ranking executives of foreign companies.
General Prayut’s message was also shared at the 2nd honorary investor advisors (HIA) meeting hosted by BOI, on Feb 16, 2017, which aimed to gather ideas to boost investment in the Kingdom. The meeting was attended by 34 CEOs of several leading companies worldwide such as Seagate technology , Ford Motor, Western Digital, Mars, and Ducati.
“Thailand is an important part of the Asian economic ecosystem,” said Deputy Secretary General of the Thailand Board of Investment, Ms. Ajarin Pattanapanchai, “Our country is one of the favored foreign direct investment destinations for North American, European, and Asian companies in the ASEAN region.”
In addition, Prime Minister Prayut introduced at the “Opportunity Thailand” conference, the Thai Government’s flagship initiative, the “Eastern Economic Corridor Development Project” (EEC), which will turn the eastern part of Thailand into a special economic zone.
The EEC spans the provinces of Chon Buri, Rayong and Chachoengsao and will be designated as a high-tech industry cluster with an eye towards becoming ASEAN's leading economic zone for industry, infrastructure and urban development. The recent investments by the Thai Government, to overhaul U-Tapao airport to become a major center for aerospace MRO, lays the infrastructure ground work to meet the logistical needs of companies investing in the EEC.
The corridor is designed to accommodate the government's 10 targeted industries of next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemical; digital; and medical services.
“We are committed to ensuring we have a healthy economy,” said Deputy Secretary General Pattanapanchai, “and we believe that a robust foreign direct investment environment is one of the core components of a thriving economy.”
The Thailand Board of Investment (BOI) is the investment promotion agency for Thailand that facilitates foreign direct investment. BOI’s services are free of charge and customized to help business succeed in Thailand. For more information, please visit http://www.boi.go.th and http://www.thinkasiainvestthailand.com