Thailand attracts investment to increase competitiveness

Thailand is introducing new investment incentives to attract more investment towards early realising its “Thailand 4.0” modernisation programme.

Tuesday, May 09, 2017 17:59

Thailand attracts investment to increase competitiveness ảnh 1

Illustrative photo (Source: www.bangkokpost.com)

Bangkok (VNA)- Thailand is introducing new investmentincentives to attract more investment towards early realising its “Thailand4.0” modernisation programme,which targets increasing the competitiveness of its industries amongthe ASEAN member countries.

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

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

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

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

Other incentives currentlygranted by the Investment Promotion Act includes import duty exemption or reductionon machinery and raw materials for export products, permission to own land,permission to bring in foreign experts and for business operations under amajority-owned structure.

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

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

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 inrecent time.-VNA

VNA

#Thailand #investment incentives #Thailand 4.0 #modernisation programme #industries #competitiveness #ASEAN #high-tech development #technologies #FDI Thailand

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