BOI approves 56.6 billion baht

Editorial Staff

BOI approves 56.6 billion baht investment projects

The Board of Investment (BOI) granted investment privileges to projects worth a combined 56.6 billion baht (US$1.64 billion) that will strengthen the country's infrastructure especially in the energy and digital sectors.

“The projects that have been granted investment privileges today will help strengthen the country's infrastructure, which is a key factor in attracting more foreign investment,” Mr. Narit Therdsteerasukdi, secretary general said after the board meeting chaired by Prime Minister General Prayut Chan-o-cha.

The projects presented by both local and foreign investors that were approved today, and granted a series of both tax and non-tax benefits, include a 32.7 billion baht investment in a liquified natural gas (LNG) terminal project, and a 5 billion baht investment in a cogeneration power plant project by a Thai-Singapore joint venture.

Two data center projects, representing a combined investment value of 10.4 billion baht, were approved to help address the rapid growth of the digital sector, and the rising domestic and international demand for large-scale storage and management services.

One of the projects is by a U.K.-Singapore joint venture, that will use renewable energy to reduce its carbon footprint and ensure environmental sustainability.

The meeting also approved other projects worth 8.5 billion baht in combined investment value, including an investment in a project for the production of cold rolled steel for use in the automotive and electrical appliances industries, a gold and silver production project, and an industrial waste treatment facility.

The BoI also announced that the “HQ Biz Portal”, an integrated service setup by the BOI, the Revenue Department, the Department of Business Development, and the Bank of Thailand, started operations this month, following the earlier approval by the board. The service was setup to further strengthen Thailand’s position as a regional headquarters destination.

Mr. Narit Therdsteerasukdi

The HQ Biz Portal is a one-stop service providing a comprehensive list of consultation and facilitation services for companies considering the establishment in Thailand of international business centers (IBC) or regional headquarters, consisting of an online appointment system and information center. The service is coordinated by a working group comprising officials of the four agencies.

In the first two month of 2023, the BOI has granted investment promotion benefits to four new IBC projects by companies coming from countries including Norway, Japan, and Singapore.
The BOI has since the year 2000 already granted investment promotion privileges to more than 500 companies to setup IBC or headquarters in Thailand, including well know companies such as Agoda, Ajinomoto, Toyota, Honda, Nissin Food, Michelin, Harley Davidson, and Huawei Technologies. Japanese companies rank top in setting up such offices in Thailand, accounting for 40% of the promoted projects, followed by the U.S., Singapore and Hong Kong.

The top 3 promoted industries for headquarters are the automotive sector, the machinery and equipment industry, and the electrical appliances and electronics sector.

The BoI also improved qualification criteria, eligible skills for the 10-Year LTR Visa. The improvements include new type of activities as well as renamed and broadened activities, that match the BOI’s updated list of targeted industries in which it wants to attract foreign talent.

The LTR Visa program, which started accepting applications in September 2022, so far, some 3,000 foreigners have applied for the scheme, led by citizens from Americans, followed by Chinese and Europe.

The improved list of targeted industries for the LTR program has been expanded to cover talent working in activities including the transport and logistics sector, the food industry, the petrochemical and chemical industry, and the setup of international business centers.