The Thailand Board of Investment (BOI), under the leadership of the newly appointed Secretary General, will focus more on target industries with potential to have Thailand as their global production hub. The BOI will also seek a better balance between the country’s economic, social and environmental development.
Mr. Udom Wongwiwatchai, the newly appointed Secretary General of the BOI, revealed that the investment promotion direction will be slightly adjusted to meet Thailand’s current economic situation.
The key target industry sectors during the next five years (2013-2017) will be the creativity, green, high-value-added, tourism, health care, and logistics businesses, in addition to businesses that will generate local opportunities, development and growth.
The new direction of the BOI also places more emphasis on industries that support the Board’s goal to achieve a good balance of economic, social and environmental development, as well as a balance between the agricultural, industrial and service sectors.
This includes the industries in which Thailand naturally has advantages over other countries and those industries where Thailand has potential to be a manufacturing hub, such as food processing, rubber products, health care and creative businesses.
It also includes industries of the world’s future trends, such as alternative energy, biotechnology and high-value-added services.
“Going forward, we will look beyond investment value and put more emphasis on the added value of the products and on global trends. Advanced manufacturing technology that creates greater and long-term benefit for the country will be our new focus. This will position Thailand differently from our peers in the ASEAN region,”
Mr. Udom said. The BOI also aims to encourage Thai investors to carry out more overseas investment. The Board will act as the center providing assistance to investors across all areas.
Mr. Wongwiwatchai summarized that the BOI’s new direction will include:
1) Adjusting eligible activities to be in line with the new investment promotion directions
2) Minimizing basic benefits and incentives while providing additional benefits for businesses that have additional investment in research and development or environmental care
3) Lifting existing rules on investment promotion privileges that are granted to businesses dependent on their location and changing to a new focus on industrial clusters in each region and bordering areas
4) Improving non-tax benefits and services for foreign investors
5) Promoting Thai investment in other countries, and
6) Setting clear key-performance indicators for each target industry.