The Thailand Board of Investment (BOI) at a board meeting held last week approved the framework of its new Investment Promotion Strategy for the next five years, which will focus on entering the new economy era by encouraging technological advancement, the transition to green and smart Industries, talent development, as well as creativity and innovation, to strengthen the country’s status as a regional hub for business, trade and logistics.
The new investment promotion strategy (2023-2027) sets out to promote investment to restructure the country’s economy around three core concepts, namely 1) innovation, technology, and creativity, 2) competitiveness and the ability to adapt quickly, and 3) inclusiveness, taking into account environmental and social sustainability.
“In view of the challenging, volatile and highly competitive global environment, the BOI will stay ahead of changes and keep promoting investment in a way that achieves concrete results, helping to lead Thailand into the new economy,” Mr. Narit Therdsteerasukdi told reporters during his first press conference since he took office as Secretary General of the BOI on October 3. “To reach that objective, the BOI will broaden its role from that of a ‘Promoter’ providing tax and non-tax benefits, to focus on becoming an ‘Integrator’ of investment support tools, a ‘Facilitator’ providing services, and a ‘Connector’ linking industries to create more business opportunities.”
To implement the strategy and its vision of the new economy, the BOI will articulate its investment promotion policies around seven pillars:
- The upgrade of existing industries, in parallel with the building of new industries in which Thailand has a high potential, and an overall strengthening of the supply chain
- The acceleration of the industrial transition to green and smart industries through investments in automation, digital adoption and decarbonization
- The promotion of Thailand as a business center, and an international trade and investment gateway for the region
- The strengthening of SMEs and startups, ensuring they are connected to the global market and supply chain
- The promotion of investments in the different regions of Thailand that fits the potential of each area and enables inclusive growth
- The promotion of investments that will promote community and society development
- The promotion of Thailand’s overseas investment to expand business opportunities for Thai companies
Further details of the policies and sector-specific incentive packages will be presented to the board and announced in coming weeks, Mr. Narit said.