The Government is giving a major boost to facilitate “Ease of Investment,” aimed at creating a favorable investment atmosphere and encouraging investors to invest more in Thailand.
The issue was discussed at a meeting of the Thailand Board of Investment (BOI), chaired by Deputy Prime Minister and Minister of Foreign Affairs Parnpree Bahiddha-Nukara on 9 November 2023 at Government House.
Mr. Parnpree said that the BOI had approved guidelines to facilitate investment and business operation in the country, as well as enhancing the efficiency of providing services by the public sector. The guidelines include the relaxation of Foreign Business License requirements and foreign workers’ visa and work permit regulations, the provision of clean energy, and the tackling of investment-related regulatory hurdles.
At the meeting, the BOI also approved the establishment of its additional overseas offices in three countries, namely in Riyadh, Saudi Arabia, Chengdu in China, and Singapore. These countries are target areas where Thailand intends to attract more investment.
The BOI also approved incentives for automotive manufacturers in the production of conventional vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. These incentives include import duty exemptions for machinery and an attractive three-year corporate income tax exemption package.
The automotive industry is considered important for moving the Thai economy forward. Thailand is now the largest automobile producer in ASEAN and ranks No. 10 in the world. In 2022, the production of cars in Thailand reached 1.9 million units.
Automobile manufacturers in Thailand are adjusting to new production technology. The incentives offered by the BOI are expected to help enhance their potential and competitiveness and maintain Thailand’s leadership in the automotive industry.