Thailand BOI Announces New Incentives for Investor Retention, Relocation, Hydrogen Vehicles

The measures, approved at a meeting of the BOI board held yesterday, also include premium incentives for industries involving innovation and high technology such as biotech, nanotech, and advanced materials, support measures for the research and production of novel food, the addition of new economic corridors, or special investment zones, in four regions of Thailand, and the introduction of a special mechanism to improve the ease of doing business by addressing pain points flagged by investors.

"The incentive measures all reflect the strategy's aim to upgrade our industrial capacity with a focus on high technology and innovation, to build the industrial base of the future and to make Thailand the center of international business and the technology hub of the region," Mr. Narit Therdsteerasukdi, Secretary General of the BOI, told reporters during a press conference. "At this critical juncture when the world is facing multiple crisis, we want to highlight Thailand's strengths to help address some of these issues, such as food security, the search for renewable energy, and supply chain resilience."

The 2023-2027 Investment Promotion Strategy announced in October aims to help restructure the country's economy and ensure Thailand is innovative, competitive, and inclusive as it competes in the post Covid-19 world.

The strategy sets to encourage 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 strategy also sets five sectors of strategic importance to industrial development as priority industries, namely the bio-circular-green (BCG) sector, the EV supply chain, electronics manufacturing, the digital economy, and creative industries.