The Thailand Board of Investment (BoI) reported that from January 1 to September 30, total investment applications in Thailand amounted to 520.7 billion baht (USD15 billion). The number was higher than for the whole of 2020.
Speaking after a BoI meeting chaired by the prime minister, BoI secretary-general Duangjai Asawachintachit elaborated that the total value of investment applications filed by both local and overseas investors in the first nine months of 2021 toppled 520.7 billion baht, more than double the 216.6 billion baht worth of applications when compared with that of the same period last year, and even higher than the entire amount recorded in 2020.
The meeting also approved measures to promote Industry 4.0 transformation. The measures approved include a 3-year corporate income tax exemption covering 100% of the investment into the Industry 4.0 upgrade.
Applications must be filed by the end of 2022. Companies that receive approval will be required to fully implement their upgrade plans within 3 years from the date of the BOI certificate’s issuance. This new measure supplements the existing measures to support the adoption of automation and digital technology. (NNT)