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Thailand’s BOI applications to hit 1trillion baht target in 2014
Thailand’s board of Investment approved this week 13 projects worth about 21 billion baht, or 700 million dollars
Among the approved projects include the folllowings:
Lop Buri Bio-ethanol to invest 1,340 million baht to build a plant in Lop Buri with the capacity to produce 120 million litres of ethanol from molasses.
Mr Apichart Nutprayoon to invest 2,240 million baht to set up an ethanol manufacturing plant in Sukhothai with an annual production capacity of 135 million litres from molasses.
Future Fuel Company to invest 988 million baht to produce 99.5 percent ethanol amounting 75 million litres a year from molasses.
Asahi Kasae Spinbond to invest 2,037 million baht to produce up to 26,000 tonnes of non-woven fabric a year. The plant is to be located in Chon Buri.
Mazda Powertrain Manufacturing to invest 2,913.9 million baht to produce 75,000 car engines. The plant will use about 260 million baht worth of local contents a year.
Century Tyre Company to invest 3,500 million baht to produce up to five million tyres a year. The factory is to be located in Rayong.
Mitr Phol Bio-Power Company to invest 1,316 milllion baht in a factory in Chayaphum province to produce alternative energy .
The value of the 1,569 projects that were approved by the BOI since the beginning of the year amounts to Bt700 billion, equal to the target for approved projects.
The BOI expects the value of applications to hit Bt1.3 trillion by year-end.
“The number of approved BOI projects is quite high and is enough to support economic expansion,” said Hiranya Sujinai, acting secretary-general of the agency.
Japan is still No 1 among foreign investors applying for tax breaks, followed by the United States and the European Union. The number of US and EU approved projects has continued to climb in recent years.
The BOI is aiming for at least 30 per cent of approved projects next year to be businesses prioritised under its new seven-year investment strategy as beneficial to industry and the country’s economic development.
The strategy promotes high-tech, creative and service industries that support the development of the “digital economy”, and industries that use local resources.
Deputy Prime Minister M.R. Pridiyathorn Devakula spoke on the topic, “Turning Thailand into a Global Business Hub” saying that “Thailand needs to move towards high technology, innovation, and creative industry, which also include businesses that support the digital economy”.
In addition, Thailand has to give more effort to promoting trading activities. The government is ready to support trading business, to promote Thailand to be a global business hub, such as International Headquarter (IHQ), International Trading Center (ITC), Treasury Center, and Information Technology Service Center.
The number of businesses to be promoted remains constant at around 200. 180 businesses will be granted corporate income tax privileges and another 50 will be granted an exemption from import duties on machinery and raw materials and non-tax incentives.
The list of eligible businesses is already on the BOI website.
The new policy will be effective for applications submitted from January 1, 2015.
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