Recently, Thailand’s Board of Investment (BOI) announced in a press event in Tokyo, Japan, the country’s new five-year investment promotion strategy through 2027. Particularly, the BOI laid down three concepts, including innovation. It plans to construct a new economy that would lead to the improvement of competitiveness over a long period of time.
Narit Therdsteerasukdi, Secretary General of the BOI, visited Japan and gave a detailed description of the strategy at a press conference. In addition, he also expressed optimism on the Japanese market.
The new investment promotion strategy sets forth three concepts. First, innovativeness, including technology, innovation, and creativity. Second is competitiveness, which is the ability to adapt quickly to be able to contribute to high growth. Lastly, Thailand banks on inclusiveness, namely creation of a comprehensive and inclusive society and sustainable environment, which creates new business opportunities and eliminate inequalities. Through these concepts, Thai BOI aims to achieve a new economy.
To implement the strategy and its vision of the new economy, the BOI has threshed out its investment promotion policies around seven pillars. First, is the construction of new industries that contribute to the strengthening of supply chain and upgrading of existing industries. Second is industrial transition to smart and sustainable industries while the third is the promotion of Thailand as a global business center.
The fourth pillar concerns strengthening of competitiveness of SMEs and startups, ensuring connection to the global market and supply chain. Next, is the promotion of investments in different regions of Thailand that fits the potential of each area and having balanced development. Another pillar is encouragement of investments that lead to the development of regional communities. Lastly, is the promotion of competitive Thai companies’ overseas investment to nurture Thai companies that demonstrate competitiveness in the world.
In line with these policies, the BOI also expands investment support measures. It expands the types of businesses for which it promotes investments to encourage investments to new industries, including bio, cyclical and green (BCG) economy and digital fields. Moreover, it will also expand fringe benefits for investments.