The Thailand Board of Investment (BOI) approved a new measure to encourage oil refineries to upgrade oil quality to meet EURO 5 emission standards for cars to help reduce dust particle levels and air pollution in Thailand.
Ms Duangjai Asawachintachit, Secretary General of BOI, said after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha that the board approved measure to support Thailand’s efforts to reduce dust particle levels and air pollution.
To encourage refineries to improve oil quality to meet EURO 5 emission standards, BOI is set to offer incentives for the six refineries in Thailand to upgrade from the current EURO 4 standards to more environmentally friendly EURO 5 standards.
The aim is to lower levels of dust particles and air pollution in the long run. This measure will also help accelerate improvements in the refinery process.
Under this new measure, refineries will enjoy an import duty exemption on machinery used for oil quality improvements.
Applications must be submitted by 31 December 2019.
Improvement in investment conditions for “Knowledge-based Activities” The board approved a new condition for investment promotion for knowledge-based activities, such as plant or animal breeding, research and development, creative product design and development center, electronics design, engineering design, and software development.
Eligible projects in these areas must have either no less than 1.5 million baht salary expenses for specialists or a 1 million baht minimum investment on knowledge-based activities (not including cost of land and working capital).
The board also approved the inclusion of the manufacture of modern agricultural products and services related to modern agriculture in the list of knowledge-based activities.
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The Office of the Board of Investment is a government agency under the Office of the Prime Minister. Its core roles and responsibilities are to promote valuable investment, both investment into Thailand and Thai overseas investment.