Connect with us

Corporate

Thailand rolls out new package to attract foreign investors

Thailand endorsed a package of measures, called ‘Thailand Plus’ which aimed at attracting more foreign investment, especially to expedite investments from companies seeking to relocate as a result of the ongoing trade war

Avatar

Published

on

 Thailand’s economic ministers meeting on Sept. 6, 2019 endorsed a package of measures, called ‘Thailand Plus’ which aimed at attracting more foreign investment, especially to expedite investments from companies seeking to relocate as a result of the ongoing trade war, Kobsak Pootrakool, Deputy Secretary-General to the Prime Minister, said after the meeting.

Thailand announces new promotion package to attract investment “The new package covers comprehensive measures that will enhance Thailand’s attractiveness as an investment location, including investment acceleration incentives, fiscal measures supporting STEM manpower development, deregulation, and improved pre- and post-investment services,” said Kobsak, who is also secretary of the economic ministers council.

The details of the proposed Thailand Plus Package can be summarized as follows:

1.  Enhanced investment incentives

Investment projects worth at least 1 billion baht (around USD 32.26 million) in the identified activities submitted to the Thailand’s Board of Investment (BOI) by the end of 2020 will be entitled to additional 5 years of 50% reduction of corporate income tax given that at least 1 billion baht of actual investment is put in place by December 2021.

2.  STEM Manpower development support

Employers will be eligible to special deduction of training expenses related to advanced technology endorsed by the Ministry of Higher Education, Science, Research and Innovation in order to expedite reskilling and upskilling of the workforce.

Expenses spent hiring new highly skilled manpower, in fields of science and technology will also be entitled to special deduction.

Moreover, the Board of Investment will also upgrade its incentives scheme with a view to encouraging the industry to be actively engaged in STEM training. 

3.  Automation investment support

Investments in automation systems will be entitled to double deduction with a view to further strengthening and accelerating transformation of Thailand’s industry.

4.  Enhanced investment facilitation:

An investment steering committee, chaired by the Prime Minister, will be set up to coordinate the consideration and facilitation of the investment projects, especially those involving large investments.

“Thailand’s economic development policy is in line with South Korea’s New Southern Policy, China’s Belt and Road Initiative, the Indo-Pacific strategy of Japan and the United States, and India’s Look East Policy. Thailand is also a prominent hub linking the countries in mainland Southeast Asia, or CLMVT (namely Cambodia, Laos, Myanmar, Vietnam and Thailand), and ACMECS (Ayeyawady-Chao Phraya-Mekong Economic Cooperation Strategy) area.”

Mr. Kobsak BOI Secretary General

Duangjai Asawachintachit also added that in order to increase the ease of doing business in the country, the government aims to reduce constraints faced by foreign investors, especially in target industries.

Further facilitation measures will also be added such as the extension of “smart visa” to enhance the pool of foreign talents in Thailand. “This Thailand Plus package is expected to help Thailand attract more targeted investments. The proposed investment incentives by the Board of Investment that are discussed today will be submitted to our Board for final approval at the upcoming meeting,” said Ms Duangjai.

Thailand announces new promotion package to attract investment

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

Companies

Global recruitment – how to get it right

finding the right candidates for specialised roles can be a complex process at the best of times, let alone with the challenges of language barriers, differences in international qualifications and lack of local contacts being added to the hiring process.

Avatar

Published

on

Global recruitment

In a globalised world, HR and recruitment professionals are casting the net wider than ever to find their dream team. Here are some tips for maximising success

(more…)

Continue Reading

Corporate

Google is shifting its smartphone production to Vietnam from China

Avatar

Published

on

Alphabet Inc’s Google is shifting its Pixel smartphone production to Vietnam from China starting this year as it builds a cheap supply chain in Southeast Asia, the Nikkei business daily reported on Wednesday.

(more…)

Continue Reading

Business

PTT to invest 30bn ($967M) baht in EEC

PTT Public Company Limited has allocated some 30 billion baht, to invest in newer forms of energy in the Eastern Economic Corridor (EEC)

National News Bureau of Thailand

Published

on

BANGKOK, (NNT) – The global economic slowdown and trade war have caused fluctuations in energy prices. In response, PTT Public Company Limited has allocated some 30 billion baht, to invest in newer forms of energy in the Eastern Economic Corridor (EEC), while the company’s profit in 2019’s first half was reduce by higher oil prices.

(more…)

Continue Reading

Most Read

Upcoming Events

Mon 21

34th International Conference on Dental and Oral Health

October 21 @ 9:00 am - October 22 @ 5:00 pm BMT
Nov 06

2nd World Congress on Pediatrics and Child care

November 6 @ 8:00 am - November 7 @ 7:00 pm BMT
Radisson Hotel Narita
Tomisato-shi
Nov 07

3rd World Congress On Gynecology, Obstetrics & Reproductive Health

November 7 @ 9:00 am - November 8 @ 4:00 pm BMT

Press Release

Subscribe via Email

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

Join 11,595 other subscribers

Trending