Thailand’s Board of Investment (BOI), at a board meeting held on 12 October 2022, approved the framework of its five-year investment promotion strategy (2023-2027), which focuses on entering the new economic era by encouraging technology advancement, the transition to green and smart industries, talent development, and connectivity to strengthen the country as a regional hub for businesses and logistics.
The new investment promotion strategy sets out to promote investment in a way that achieves concrete results around three core concepts, including (1) innovation, technology, and connectivity, (2) competitiveness and the ability to adapt quickly, and (3) inclusiveness, taking into account environmental sustainability.
To implement the new strategy, the BOI will undertake its investment promotion policies in seven pillars, as follows:
1) The upgrade of existing industries, in parallel with the building of new industries in which Thailand has high potential, and an overall strengthening of the supply chain;
2) The acceleration of the industrial transition to green and smart industries through investments in automation, digital adoption, and decarbonization;
3) The promotion of Thailand as a business center and an international trade and investment gateway for the region;
4) The strengthening of SMEs and startups, ensuring they are connected to the global market and supply chain;
5) The promotion of investments in the different regions of Thailand that fit the potential of each area and enables inclusive growth;
6) The promotion of investments that will promote community and social development;
7) The promotion of Thailand’s overseas investments to expand business opportunities for Thai companies.
In addition, the BOI will broaden its role from a “promoter” providing tax and non-tax benefits, to becoming an “integrator” of investment-supporting tools, a “facilitator” providing services, and a “connector” linking industries to create more business opportunities.