PR Newswire
17 Oct 2022, 14:04 GMT+10
BANGKOK, Oct. 17, 2022 /PRNewswire/ -- The Thailand Board of Investment (BOI) at a board meeting held last week approved the framework of its new Investment Promotion Strategy for the next five years, which will focus on entering the new economy era by encouraging technological advancement, the transition to green and smart Industries, talent development, as well as creativity and innovation, to strengthen the country's status as a regional hub for business, trade and logistics.
The new investment promotion strategy (2023-2027) sets out to promote investment to restructure the country's economy around three core concepts, namely 1) innovation, technology, and creativity, 2) competitiveness and the ability to adapt quickly, and 3) inclusiveness, taking into account environmental and social sustainability.
"In view of the challenging, volatile and highly competitive global environment, the BOI will stay ahead of changes and keep promoting investment in a way that achieves concrete results, helping to lead Thailand into the new economy," Mr. Narit Therdsteerasukdi told reporters during his first press conference since he took office as Secretary General of the BOI on October 3. "To reach that objective, the BOI will broaden its role from that of a 'Promoter' providing tax and non-tax benefits, to focus on becoming an 'Integrator' of investment support tools, a 'Facilitator' providing services, and a 'Connector' linking industries to create more business opportunities."
To implement the strategy and its vision of the new economy, the BOI will articulate its investment promotion policies around seven pillars:
Further details of the policies and sector-specific incentive packages will be presented to the board and announced in coming weeks, Mr. Narit said.
January-September Investment Applications
The board also acknowledged the investment pledges filed during the first nine months of 2022.
From January to September 2022, foreign and local investors filed with the BOI a total of 1,247 applications for investment promotion, worth a combined 439.1 billion Baht (US$ 11.6 billion), Mr. Narit said.
While the number of applications rose 8.5% when compared to the 1,149 projects seen in the first nine months of 2021, the combined value fell 14.1%, from 511 billion Baht, reflecting a smaller average project size.
Thailand's Eastern Economic Corridor (EEC) area saw 376 projects applying for promotion, representing a combined investment value of 246.7 billion baht, or 56% of the total value of applications in the first nine months, Mr. Narit said. Most are investments in Rayong and Chonburi provinces.
Foreign direct investment (FDI) applications decreased 25% from the year earlier period to 275.6 billion Baht
The main source of FDI applications in the first nine months was China with 45 billion Baht, followed by Taiwan (39.3 billion Baht), Japan (37.6 billion Baht), the U.S. (34.3 billion Baht), and Hong Kong (26.3 billion Baht).
During the first nine months, FDI applications data for China, Hong Kong and Taiwan all included investments in the manufacturing of new electric vehicles (EV) and parts. Major EV investments announced in Thailand this year involve plants by BYD, whose investment is coming through its Hong Kong-based unit, and Foxconn.
Over the 9 months to September, the BOI has issued promotion certificates to 1,101 projects, an increase of 17% from the year earlier period. The combined investment value of the certificates amounted to 357.6 billion baht, an increase of 57%, Mr. Narit said.
"The promotion certificate statistics, the closest data we have to actual investment, are sending a clear signal that over the next one to two years there will be a significant increase in actual investment flows," Mr. Narit said.
For more information, please contact:
Thailand Board of Investment
Tel. +66 (0) 2553 8111
Website: www.boi.go.th
YouTube: Think Asia, Invest Thailand
SOURCE Thailand Board of Investment (BOI)
Get a daily dose of Philippine Times news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Philippine Times.
More InformationMEXICO CITY, Mexico: Three American women were found dead over the weekend at a beach resort in Belize, police said. Officials are...
BANGKOK, Thailand: Chinese authorities said they started live-fire military exercises in the Gulf of Tonkin this week, just days after...
ABOARD THE CHARLES DE GAULLE, Philippines: France's nuclear-powered aircraft carrier and its warships arrived in the Philippines over...
FRESNO, California: Fresno State suspended two of its top men's basketball players last weekend and removed a third player from the...
WARSAW, Poland: Deputy Prime Minister Krzysztof Gawkowski confirmed over the weekend that Poland has been covering the cost of Ukraine's...
Israel sustained the West's support for its slaughter in Gaza for 15 months only through an intensive campaign of lies. It invented...
CAPE TOWN, South Africa: An international summit on global poverty faced setbacks this week as key finance leaders skipped the G20...
ATLANTA, Georgia: After two years of declining same-store sales, Home Depot finally saw a turnaround in the fourth quarter, fueled...
NEW YORK, New York - U.S. stocks rallied on Friday as economic data showed the U.S. Federal Reserve has likely tamed inflation. The...
WASHINGTON, DC - The U.S. Federal Reserve seemingly has inflation under control with the latest econbomic data confirming little push...
COPENHAGEN, Denmark: A remote Arctic facility designed to preserve the world's agricultural diversity is set to receive a major new...
LONON, U.K.: British Petroleum is set to abandon its ambitious renewable energy expansion targets in favor of a stronger focus on fossil...