BANGKOK, 8 April 2012 – The Board of Investment of Thailand (BOI) has been instructed to reconsider its investment promotion strategies and incentives as a preparation for the competition and the integration into the ASEAN Economic Community (AEC) in 2015.
Industry Minister M.R. Phongsawat Svastiwat has disclosed that the ministry has assigned the BOI to revamp its investment promotion strategies and incentive measures for investors to brace the country for the competition and the AEC formation, which will take place in three years’ time. Once all ASEAN member countries are united under the AEC, certain Thai industries will be benefited while others will be left at a disadvantage.
The Industry Minister explained that Thailand has been growing at a stable rate and is not as competitive as newly emerging countries. Thus, the BOI will work with the Finance Ministry to reconsider its strategies and determine necessary investment promotion measures for each industry for the next 3-5 years. Among the industries on the BOI’s priority list are environment and logistics projects. The restructuring is expected to be finalized by the end of the year.
The Industry Minister also disclosed that the BOI will support Thai investors who are planning to invest overseas, especially in ASEAN countries. Investors will fully benefit from the upcoming establishment of the AEC, which is also in accordance with the BOI’s investment promotion strategy to create opportunities and reduce production cost for Thai entrepreneurs as well as enhance their capacity to compete in the global arena. The BOI will rush to educate Thai entrepreneurs so that they will be ready for overseas investment. The agency has expressed confidence that if the Thai private sector understands and remains on good terms with its neighbours, then all ASEAN members will move forward in the same pace and mutually benefit from the birth of the AEC in 2015.