WORLD Three new technology parks approved in Thailand

WORLD

Three new technology parks approved in Thailand

By Sun Guangyong | People's Daily app

06:24, March 16, 2019

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(Photo: Sun Guangyong)

Bangkok (People’s Daily) – The Thailand Board of Investment (BOI) has agreed to add three science parks as designated science and technology parks. They will be located in Chiang Mai, Khon Kaen and SongKhla provinces.

Moreover, an investment incentive will be granted for the winning bid for Bangkok’s Orange rail line project from Bang Khun Non to Min Buri (Suwinthawong). The BOI also approved Mitsubishi’s plug-in hybrid electric vehicle (PHEV) production project.

Ms Duangjai Asawachintachit, BOI’s Secretary General, said after a board meeting chaired by Prime Minister Gen. Prayut Chan-o-cha, that with the aim of developing regional science parks and encouraging more investments in the Eastern Economic Corridor of innovation (EECi), the board agreed to expand three additional science parks.

These include Northern Science Park (Chiang Mai province), Northeastern Science Park (Khon Kaen province) and Southern Science Park (SongKhla province) as designated science and technology parks.

The EECi’s targeted activities located in the science parks will be eligible for EEC investment incentives. The targeted activities include electronics design, R&D, biotechnology, engineering design, scientific laboratories, calibration services, vocational training centers and targeted core technology development, etc.

Applications for incentives must be submitted by December 30, 2019 and the project must be relocated to the EECi by December 30, 2023. In addition to basic incentives, these activities will be eligible for an additional 2-4 years of corporate income tax exemption and an extra 50 percent corporate tax exemption for five years depending on the type of activity.

Ms. Duangjai added that, at present, only Thailand Science Park in Pathum Thani province had been announced as a designated science and technology park. The expansion of three more science parks would provide an opportunity for regional entrepreneurs to strengthen capabilities in research and development and generate higher incomes.

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