BANGKOK (NNT) – Thailand remained an investment destination for international investors last year, as reflected in the overall value of investment promotion requests in 2019, released by the Board of Investment (BOI) today, which exceed a 750 billion baht goal.
An impressive 59% was in the Eastern Economic Corridor, with China outreaching Japan to become the biggest international investor in Thailand.
Deputy Prime Minister Somkid Jatusripitak, today assigned the Board of Investment of Thailand (BOI) to introduce measures to oversee companies receiving investment promotion packages last year to proceed with their investment plans.
1,624 projects worth 756.1 billion baht
The BOI last year received investment promotion requests for 1,624 projects worth 756.1 billion baht, of which 506 projects worth 444.88 billion baht are located in the Eastern Economic Corridor (EEC), accounting for 59 percent of total investment promotion requests.
Some 500 billion baht in Foreign Direct Investment (FDI) was made in 2019, with Chinese investors being the largest group for the first time with 260 billion baht in investment, replacing Japanese investors who committed 63 billion baht in investment.
Mr Somkid said the government is motivated to offer special support to the tourism industry, creative economy industry, and infrastructure investments in the grassroots economy this year.
The government will be introducing measures for Thai companies to make more investments over the next six months to take advantage of the appreciated Thai currency.
The BOI Secretary General Duangjai Asawachintachit said today investment prospects for 2020 will be improved, as the BOI has enhanced its investment promotion benefits which now include 50% corporate income tax discount for five years. The offer is eligible for investment projects proposed to the BOI this year, of actual investment value of no less than 1 billion baht by the end of 2021.
Current investment promotion packages for SMEs are now extended to February 2020, with the addition of a 50% corporate income tax discount for three years for investments in the EEC.