The Board of Investment (BOI) has agreed to increase incentives for companies investing in the country’s bio-plastic industry.
The move is part of the BOI’s plan to push the nation to become the hub of the bio-plastic industry, according to the Acting Secretary-General of the BOI, Hirunya Suchinai, given the nation has everything needed to promote bio-plastic as one of Thailand’s top industries in the future.
Thailand has sugar, sugarcane and cassava, the main materials needed for the industry.
To promote the industry the BOI is planning to lower production costs and increase investment-related privileges. The Board will also ask the Ministry of Energy to reduce the costs of power and natural gas for companies in the bio-plastic industry, Hirunya said.
As for the investment promotion scheme, Hirunya said the BOI would reduce import tariffs for imported materials by up to 90 percent for the next 3 years, or until there is a manufacturer for those materials.
She expects the policies to be implemented this June.
Currently, only one firm, Purac (Thailand) Co. Ltd., invests in the bio-plastic industry in Thailand.