BOI confirms gov’t investment stimuli update

 

 

BANGKOK (NNT) - Following criticism of the government’s economic policies that resulted in the relocation of manufacturing bases by international companies from Thailand to neighboring countries, the Board of Investment of Thailand (BOI) has confirmed the government has updated its economic policies to improve the countries’ competitiveness.

 

The BOI’s Secretary General Duangjai Asawachintachit said the government has made changes to the country’s economic policies to meet the changing global competitive landscape, with more emphasis on high value products, and services using advanced technology, to maintain the export sector’s competitiveness.

 

She said the BOI will offer investment stimuli according to the updated policy to help upgrade the industrial and service sector, promoting the adoption of advanced technologies such as automation systems and digitalization of manufacturing lines, or using technologies to reduce the environmental impact, with a notable example being investment promotions in the Eastern Economic Corridor (EEC).

 

Ms Duangjai added that the direction of Thailand’s development is still in line with the needs of foreign investors, citing as many as 170 companies seeking to relocate their manufacturing base to Thailand, saying that they have filed for inclusion in an investment promotion that ran from July 2018 to September 2020. These companies have proposed some 100 billion baht in investments, mostly in smart electronics, motor vehicle parts, and metal products.

 

The BOI has introduced additional investment stimuli and encouraged businesses participating in investment promotions to modernize their operations, such as by the inclusion of farm product processing plants based on market trends as a new category, the introduction of measures to support Bio-Circular-Green Economy guidelines, and expediting investment in medical industries.

 

The BOI’s involvement with the medical industry has resulted in a 174 percent increase in the number of investment promotion applications in this category over the past six months, with proposed total investment value in these 52 projects of about 13 billion baht, showing a 123 percent value increase year-on-year.

 

-- © Copyright NNT 2020-10-14

 

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More <deleted> to baffle what few brains there are !

Thailand is a great place to have a factory. For the workers, who get to play candy crush all day while their foreign manager is unable to enter the country. Dream jobs.

16 hours ago, snoop1130 said:

She said the BOI will offer investment stimuli according to the updated policy to help upgrade the industrial and service sector, promoting the adoption of advanced technologies such as automation systems and digitalization of manufacturing lines, or using technologies to reduce the environmental impact, with a notable example being investment promotions in the Eastern Economic Corridor (EEC).

The Country needs to get the basics right first.

More productivity, per Hour, per Worker would be a good place to start.

Thailand is no longer a competetive Country for manufacturing, with poor Labour Skills, and poor processes among the obstacles faced.

 

Completely wrong approach.  Get the Thai education system fixed, and the immigration laws fixed~90 day reports, business ownership rules, and hiring ratios~that would be a great start.  Some democracy, and dissolving the monopolies would also go a long way~lower taxes on foreign goods...the list goes on, but the beneficiaries of the current system would rather watch the country sink because they have more than enough

Wonder if the 170 companies seeking to relocate just expressed an interest STV style ????