Connect with us

Business

Thailand’s robotics and automation industry moves forward

While low-skilled jobs will increasingly be replaced by more safe and consistent robotic devices, the Thai government understands there’s no need to fear automation

Avatar

Published

on

On the road towards an advanced economy under the Thailand 4.0 model, the public and private sectors have been making concerted efforts to accelerate the growth and development of the robotics and automation industries and technologies.

These efforts focus on human resources development, knowledge enhancement, information sharing and industrial support networks in tandem with tax and non-tax incentives provided through the Thailand Board of Investment (BOI).

Speaking to more than 300 participants at a recent seminar on “Driving Thai Economic Development through the Automation and Robotics Industry,” Chokdee Kaewsaeng, BOI’s Deputy Secretary General, explained that the government paid attention to both the demand and supply sides in designing effective investment incentives so as to create the right financial ecosystem in the Kingdom. Such incentive packages are offered for both existing and new investment projects.

A move towards robotics

Thailand’s bold moves up the value chain in the automotive space offer a blueprint for success in other innovation heavy sectors. The robotics industry is an obvious choice, given its growth prospects and how interlinked automation is with modern auto production. According to the International Labor Organization, 60% of top tier automakers in ASEAN are currently ramping up automation.

While low-skilled jobs will increasingly be replaced by more safe and consistent robotic devices, the Thai government understands there’s no need to fear automation. Instead, investments and incentives are being offered to attract robotics firms, with the aim of building jobs in servicing, manufacturing, and designing these new tools.

On the supply side BOI’s investment incentives are offered to a wide range of business activities related to the robotics and automation industries and technologies: conceptual design solutions; engineering designs and system integration methods to control system configurations; procurement and manufacturing; as well as assembly, installation and commissioning.

Supporting industries eligible for incentive packages include the production of telecommunication equipment and parts; the operation of electronic controls and measurements for industry, agriculture and medicine; the manufacturing of vehicular and scientific tools; the installation of security control systems; and the engineering of high-value software solutions.

Incentives provided to these businesses include exemptions of import duties on machinery as well as corporate income taxes, depending on the types of businesses and other incentives involved.

On the demand side incentives are afforded to both new investment projects and existing investments aimed at increasing current production efficiencies.

The incentives range from a waiving of corporate income taxes for three years on the current revenues of an existing project as well as exemptions of import duties on machinery when the tax exemption cap does not exceed 50 per cent of the investment capital. In case at least 30 per cent of the total investment capital has been made on local automation systems, corporate income tax exemptions will be expanded to 100 per cent of the investment capital. In addition, investors will be eligible for other incentives depending on their respective industry.

Continue Reading
Advertisement Load WordPress Sites in as fast as 37ms!
Comments

Business

Thailand’s FDI applications up 69% in the first nine months of 2019

The total value of FDI applications received by the BOI in the nine months to September increased 69% from the year earlier period, to a total value of 203.37 billion baht, according to the latest data from the BOI

Boris Sullivan

Published

on

Thailand continued to attract rising foreign direct investment (FDI) in the first nine months of 2019, with increased number of investment project applications according to public agency Thailand Board of Investment (BOI).

(more…)

Continue Reading

Business

Thai Labour minister calls meeting after U.S. GSP cut

The Minister of Labour has called an urgent meeting to address the labour concerns cited by the U.S. as a factor in the decision to revoke trade preferences.

National News Bureau of Thailand

Published

on

BANGKOK (NNT) – The decision by the U.S. to suspend Generalized System of Preferences (GSP) treatment to Thailand, requiring all Thai exports to the U.S. to be subject to duties, has raised confusion among many sectors in Thailand.

(more…)

Continue Reading

Business

Thailand edges up 6 spots in World Bank’s Ease of Doing Business 2020

While many economies in the East Asia and the Pacific region make doing business relatively easy, the pace of reforms has slowed from previous years.

Boris Sullivan

Published

on

Crowded downtown area in Bangkok

Thailand’s ranking in the World Bank’s Ease of Doing Business 2020 list has edged up 6 places, from 27th to 21st this year from 190 countries surveyed

(more…)

Continue Reading

Most Read

Upcoming Events

Wed 27

The Future Energy Show Thailand

November 27 @ 10:00 am - November 28 @ 5:30 pm BMT
Dec 02

Top Food science conference 2019

December 2 @ 9:00 am - December 3 @ 5:00 pm BMT
Dec 05
Dec 05

The Healthcare+ Expo Taiwan

December 5 @ 9:00 am - December 8 @ 5:30 pm BMT

Press Release

Subscribe via Email

Enter your email address to subscribe and receive notifications of new posts by email.

Join 11,797 other subscribers

Trending