Thursday, May 25, 2017 - 8:17:45

Thailand attracts investment to increase competitiveness

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Illustrative photo (Source: www.bangkokpost.com)
 
Bangkok (VNA) - Thailand is introducing new investment incentives to attract more investment towards early realising its “Thailand 4.0” modernisation  programme, which targets increasing the competitiveness of its industries among the ASEAN member countries.

According to the Board of Investment (BoI) of Thailand, incentives are showed in the Investment Promotion Act 2017 (revised) and the Competitive Enhancement Act for Targeted Industries 2017.

The amendment of the Investment Promotion Act 2017, which officially took effect on January 25, aims to encourage investment in high-tech development and research.

Sectors benefiting from the act include biological and nano technologies, digital technology, smart electronics and automation and robotics, research and development, medical hub, digital services and food for the future.

According to the act, enterprises will be exempted from corporate income tax for a maximum of 13 years for targeted core technologies and targeted enabling services, and enjoy a 50 percent corporate income tax reduction within the following ten years.

Other incentives currently granted by the Investment Promotion Act includes import duty exemption or reduction on machinery and raw materials for export products, permission to own land, permission to bring in foreign experts and for business operations under a majority-owned structure.

Meanwhile, the Competitive Enhancement Act for Targeted Industries 2017, which became effective on February 14, is considered as an important change to promote investment in many fields.

The Thai Government also launched a 10-billion-baht (nearly 288,000 USD) subsidy under the Competitiveness Enhancement Fund, to attract investment in ten industries.

Thailand jumped two places to 19th in A.T. Kearney's Foreign Direct Investment (FDI) Confidence Index for 2017.

Thai experts attributed the improvement to social stability in the country in recent time.-VNA
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