The creation of the Biopolis, an innovation center for biotechnology, is expected to further establish Thailand’s status as the ‘bio-hub’ of ASEAN by encouraging the development of science and technology in the country.
BANGKOK (PRWEB) May 28, 2019
The Thailand Board of Investment (BOI) is ready to push the country’s status as a global leader in bio-economy to the next level, with robotics at the forefront. The Board of Investment has created a corporate income tax exemption (CIT) of up to 8 years for medical robotics companies specializing in the manufacture of automation equipment as well as a 5-year tax exemption for the assembling of robots or automation equipment and parts companies. The investment promotion incentives are intended to help attract investment at a time when the country is developing robotics technology in the medical field and establishing the Biopolis, a center for research and innovation in life sciences and biotechnology.
“Thailand BOI’s new incentives for bio investors will advance the country’s life sciences industry tremendously,” said Mr. Chokedee Kaewsang, Deputy Secretary General of the Thailand Board of Investment. “The creation of the Biopolis, an innovation center for biotechnology, is expected to further establish Thailand’s status as the ‘bio-hub’ of ASEAN by encouraging the development of science and technology in the country.”
As local authorities plan to nurture the country’s own production of high-standard drugs in the Biopolis, Thai’s oil and gas giant PTT recently invested 1 billion baht ($32 million) to create the country’s first cancer drug production plant. The plant’s commercial operations are set to begin by 2025. The Biopolis, located in the Eastern Economic Corridor of Innovation (EECi), a special economic area heavily promoted by the government to attract high-tech investment and development, will support several industry sectors, including bioenergy, biochemicals and bioplastics, and the nutraceutical, biomedical and biopharma industries. The Thai government’s investment incentives are intended to encourage innovation as well as research and development.
Thailand BOI will also offer additional investment incentives for companies that choose to relocate to the EECi. Approved projects will receive 2 more years of corporate income tax exemption on top of regular incentives, and a 50 percent corporate income tax reduction for another five years. The application submission is open through the 30th of December 2019, and approved companies must relocate to EEC by December 30th, 2023. Applicants must operate companies specializing in R&D, scientific laboratories, production of automation machinery systems, high-valued software development, and provide professional trainings to the local workforce.
To showcase Thailand’s robust medical sector, a delegation led by Dr. Nares Damrongchai, CEO of the Thailand Center of Excellence for Life Sciences (TCELS), and Mr. Chokedee Kaewsang, Deputy Secretary General of Thailand BOI, will be attending the annual BIO International Convention in Philadelphia, PA, taking place June 4-6, 2019. The delegation will be comprised of representatives from academic, public, and private institutions, representing the best of Thailand’s life sciences and biotechnology sector, including companies such as ACLIRES Bangkok, APEXCELA, KEEEN Ltd., Novotech CRO, and the Little Onion Factory. To learn more about Thailand’s medical sector and opportunities available to companies that establish operations in the Kingdom, please visit Thailand BOI at booth #3437.
In addition, BOI will be hosting a seminar titled “Thailand’s Life Sciences, Medical & Biotech Industries” at the Courtyard Philadelphia Downtown Hotel, on June 3rd from 2pm-4pm. The seminar will explore opportunities available to North American medical companies that expand to Thailand. To register for this seminar, please visit this link.
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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.