Thailand announces new incentives for investor retention, relocation, hydrogen vehicles
By Sun Guangyong
People's Daily app
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Bangkok (People's Daily) – In a follow up to its new five-year strategy released last month, the Thailand Board of Investment (BOI) announced Friday new incentive packages including, for the first time, a ‬set ‬of ‬special privileges ‬to ‬support ‬expansion ‬by ‬longstanding ‬investors, ‬a comprehensive relocation program ‬covering ‬headquarters ‬as well ‬as ‬research ‬and manufacturing facilities, and a first package for investment in sustainable activities such as the manufacturing of hydrogen vehicles and the setup of electric vehicle (EV) battery swapping stations.

Narit Therdsteerasukdi, secretary general of the BOI, speaks during a media conference. (Photo: Sun Guangyong/People's Daily)

The measures, approved at a meeting of the BOI board, also include premium ‬incentives ‬for ‬industries ‬involving ‬innovation ‬and ‬high ‬technology ‬such ‬as biotech, nanotech, and ‬advanced materials, ‬support ‬measures ‬for ‬the ‬research ‬and production of novel food, the addition of new economic corridors, or special investment zones, ‬in ‬four ‬regions ‬of ‬Thailand, and ‬the ‬introduction ‬of a ‬special‬mechanism ‬to improve the ease of doing business by addressing pain points flagged by investors.

"The incentive measures all reflect the strategy's aim to upgrade our industrial capacity with a focus on high technology and innovation, to build the industrial base of the future and to make Thailand the center of international business and the technology hub of the ‬region," Narit Therdsteerasukdi, secretary general of the BOI, told reporters during a media conference. "At this critical juncture when the world is facing multiple crises, we ‬want to highlight Thailand's strengths to help address some of these issues, such as food ‬security, the search for renewable energy, and supply chain resilience."‬

The ‬2023-2027 ‬Investment ‬Promotion ‬Strategy ‬announced ‬in October ‬aims ‬to ‬help restructure the country's economy and ensure Thailand is innovative, competitive, and inclusive as it ‬competes in ‬the post COVID-19 world. ‬The strategy sets to encourage technological ‬advancement, ‬the transition ‬to ‬green ‬and ‬smart industries, ‬talent development, and creativity and innovation to strengthen the country's status as a regional hub for business, trade and logistics.

The strategy also sets five sectors of strategic ‬importance ‬to ‬industrial development as ‬priority ‬industries, ‬namely ‬the ‬bio circular-green (BCG) sector, the EV supply chain, electronics manufacturing, the digital economy, and creative industries.

The new incentives will take effect from January 2023.