BoI mulls new packages for foreign investors hit by trade war

By The Nation

 

Duangjai Asawachintachit

 

Amid the ongoing US-China trade war, the race to attract foreign investors among Asean countries is heating up, said Deputy Prime Minister Somkid Jatusripitak after visiting the Board of Investment's (BoI) head office today.

 

"To stay competitive, the BoI must come up with new promotional packages, targeting companies affected by the trade war and tariff hikes and wish to relocate their production bases to Thailand,” he said.

 

Somkid explained that the new promotional packages need to be specially tailored to suit the specific needs of investors from different countries. “For example, South Korean mostly want to invest in areas in the proximity of existing factories owned by South Korean companies. So, we need to make sure that we have vacant space in the industrial zones,” he said.

 

Meanwhile, Chinese investors are usually working under tight schedules, we need to speed up the licensing process to make sure that they won't miss their delivery deadlines, Somkid said.

 

BoI will set up a taskforce on foreign investment trend and movements, as well as finding out investors' priorities in terms of promotional privileges. “We must prepare customised packages with detailed investment privileges that suit the need of each company. They must also be flexible and negotiable,” he added.

 

Meanwhile, BoI secretary-general Duangjai Asawachintachit said the agency had set this year’s investment target at Bt750 billion, focusing on companies wishing to move their production bases from China to Thailand.

 

“Currently we have a list of over 100 companies in China and other countries wishing to relocate to the Kingdom,” she said.

 

“The BoI will employ three strategies in handling these companies, depending on their business types and specific needs: 1 Provide customised promotion package to compensate their loss from the trade war; 2 Persuade them to invest in the Eastern Economic Corridor (EEC), and 3 Provide them with stimulus packages for SMEs.”

 

The secretary-general said the BoI will incorporate Somkid’s suggestions with existing strategies in formulating the new promotional packages, which should be ready before the end of this year.

 

Source: https://www.nationthailand.com/news/30375216

 

-- © Copyright The Nation Thailand 2019-08-23

Follow Thaivisa on LINE for breaking Thailand news and visa info

1 hour ago, webfact said:

........the BoI must come up with new promotional packages, targeting companies affected by the trade war and tariff hikes and wish to relocate their production bases to Thailand,”

The best source of ideas to get such companies to relocate would be to find out what Vietnam has been doing for the past two years.

There are probably very few companies left which haven't already gone to Vietnam.

3 hours ago, webfact said:

"To stay competitive, the BoI must come up with new promotional packages, targeting companies affected by the trade war and tariff hikes and wish to relocate their production bases to Thailand,” he said.

If the BOI is not careful in its dealings with Chinese companies trying to avoid US tariffs, it may expose Thailand to similar tariffs and other sanctions from the US which would be devastating to the flailing Thai economy.

 

The Thai administration should be very careful.

Yet Thailand could have enjoyed substantial small business investment $$$ over the years from many of us expats.  That is, if only we weren't effectively prohibited from doing business here thanks to Thailand's archaic draconian anti-competitive anti-farang rules.

 

T. I. T. ????

Here's a package:

 

- All BOI rules & exemptions for foreign company

- Instant PR due to investment

- No work permit required for PR holders

 

Chop chop off you go, get it done.

They put on a brave face, but in reality the Baht takes Thailand completely out of the running.  And as a previous poster noted, that horse has already left the barn.

Give visa to people who buy condo   ... not stupid 20 miĺion investment visa... the  you will bring people in...