BUSINESS Thailand BOI approves measures to ease COVID-19 impact

BUSINESS

Thailand BOI approves measures to ease COVID-19 impact

By Sun Guangyong | People's Daily app

03:17, April 14, 2020

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Bangkok (People’s Daily) - Thailand’s Board of Investment (BOI) approved new measures aimed at mitigating the impact of the novel coronavirus (COVID-19) outbreak on businesses, including efforts to encourage investment in medical equipment manufacturing.

The board also approved incentives that would promote technology such as “smart farming” solutions and further research and development in other sectors.

“In the face of the unprecedented situation resulting from the virus outbreak, we have taken a range of measures to address the urgent needs of affected business sectors,” said BOI Secretary-General Duangjai Asawachintachit at a press briefing following a board meeting chaired by Thai Prime Minister Gen. Prayut Chan-o-cha. “The measures for the medical sector aim to enable a rapid response to the situation while paving the way for longer-term development.”

The BOI approved amendments on all BOI-eligible businesses and enhanced benefits related to the medical sector. Support will also be provided to the modification or transformation of existing production lines to increase domestic medical supplies, said Duangjai, during an online press conference.

Some of the new measures include a 50 percent income tax reduction, exempting import duties on select machinery, and adjusting benefits for raw material production.

 

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