BoI’s office in Saudi Arabia’s Riyadh will be operated next year

Chatrudee Theparat

BoI’s office in Saudi Arabia’s Riyadh will be operated next year

Mr. Narit Therdsteerasukdi, secretary general of the Board of Investment said the BOI intends to augment its workforce and establish additional offices in select countries and regions, which encompass Riyadh in Saudi Arabia, Chengdu in China, and Singapore.

He said BoI’s office in Riyadh which covering the countries in the Middle East will be operated in early next year. Saudi Arabia is high potential both scale of capital and robust growth in the future. Later operating in mid this year including China’s Chengdu and Singapore while currently there are 16 BoI’ offices in worldwide.

BoI board chaired by Mr. Parnpree Bahiddha-Nukara, deputy prime minister stressed the BOI will continue to attract investments and nurture targeted industries while propelling the “Ease of Investment” to facilitate and streamline investments in Thailand.

In order to further facilitate the investment climate, the BOI board has stressed the urgency of tackling challenges and collaborating with other government agencies to bring to fruition the “Ease of Investment” agenda in various areas.

This includes the relaxation of Foreign Business License (FBL) requirements and foreign workers’ visa and work permit regulations, provision of clean and renewable energy, and others investment-related regulatory hurdles. To bolster Thailand's allure for foreign investment, the BOI is taking proactive measures to expand its reach and support.

The board also introduced the new automotive industry upgrade measures to assist the automotive industry, actively advocating for the incorporation of automation and robotics to elevate overall industry efficiency and catalyze a transformative shift within the sector.

The board approved enhanced incentives for automotive manufacturers, including conventional vehicles, HEVs and PHEVs, making them available to both existing and new investments. These incentives encompass import duty exemptions for machinery and an attractive 3-year corporate income tax exemption package.

Thailand, as a prominent global and ASEAN automobile producer with an annual capacity of 1.9 million units, observed its automotive and spare parts industry contributing 1.02 trillion baht to exports during the first nine months of 2023 (representing 14% of total exports).

To maintain industry leadership with more than 2,300 manufacturers, including car assemblers and parts makers, are transitioning to electric vehicles (EV).

The BOI board also approved investment applications, including Thip Sugar Sukhothai Company Limited, which received approval for a 2.9 billion baht investment in expanding raw and white sugar manufacturing in Sukhothai province. KSL Group was approved for a 4.1 billion baht investment in expanding sugar and syrup manufacturing in Sa Kaeo province, designated as a Special Economic Zone.