Bangkok: The Board of Investment (BOI) has announced a comprehensive plan to enhance the capabilities of Thai entrepreneurs and promote tourism, committing investments worth nearly 100 billion baht. The initiative is designed to bolster the competitiveness of Thai industries while adapting to modern global trade dynamics. It also aims to develop sustainable practices, with a focus on avoiding sectors vulnerable to U.S. trade measures, such as solar cell manufacturing, and promoting tourism in Thailand's secondary cities.
According to Thai News Agency, the BOI, in a meeting chaired by Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, approved several key measures to support Thai entrepreneurs in navigating volatile market conditions. These measures are intended to integrate Thai businesses into the global supply chain while mitigating risks from international trade policies. The measures include enhancing the efficiency of Thai SMEs through incentives for technological upgrades, energy saving, and international standard adoption.
The BOI has decided to halt investment promotion for businesses at risk of oversupply or affected by trade measures, such as solar cell production, lead-acid batteries, and various steel products. Additionally, reforms have been made to the criteria for hiring foreign personnel, emphasizing a balance in Thai and foreign employment to promote knowledge transfer and avoid domestic competition.
The BOI has also been tasked with studying measures to increase domestic value and foster joint ventures, particularly in sectors crucial for building a robust supply chain. This includes collaboration with the Federation of Thai Industries and the Thailand Development Research Institute.
In line with government policy, the BOI has approved measures to stimulate tourism in secondary cities. Businesses investing in tourism infrastructure, such as theme parks and cultural centers, will receive extended corporate tax exemptions if they operate in specified provinces. This is expected to diversify tourist destinations and boost economic growth in less-visited areas.
Further, the BOI has updated its investment promotion strategy for Data Center, Data Hosting, and Cloud Service businesses. New conditions require these projects to include plans for developing Thai talent and using local resources, ensuring that investments contribute to the advancement of Thailand's digital workforce.
The BOI also greenlit investment promotion for seven projects, including five data centers and two renewable energy initiatives, with a total investment of approximately 100 billion baht. The data center projects are set to enhance Thailand's digital infrastructure, while the renewable energy projects focus on wind power generation in Chumphon and Prachuap Khiri Khan provinces.