Thailand Board of Investment Announces New 5-Year Investment Promotion Strategy for $505 Billion Economy: New Economy, Green & Smart Industries, Hub f
Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), told reporters today that the board has approved a new 5-year investment promotion strategy framework structured around the concepts of innovation, competitiveness, and inclusiveness. Caproasia.com | The leading source of data, research, information & resource for investment managers, professional investors, UHNW & HNW investors, and advisors to institutions, billionaires, UHNWs & HNWs. Covering capital markets, investments and private wealth in Asia. How do you invest $3 million to $300 million? How do you manage $20 million to $3 billion of assets? Caproasia - Learn more This site is for accredited investors, professional investors, investment managers and financial professionals only. You should have assets around $3 million to $300 million or managing $20 million to $3 billion. 
Thailand Board of Investment Announces New 5-Year Investment Promotion Strategy for $505 Billion Economy: New Economy, Green & Smart Industries, Hub for Business, Trade & Logistics 20th October 2022 | Hong Kong
Thailand Board of Investment (BOI) has announced the approval of a new 5-year investment promotion strategy, to focus on New Economy by encouraging technological advancement, transition to Green & Smart Industries, and a Hub for Business, Trade & Logistics. Thailand is the 8th largest economy in Asia (China, Japan, India, South Korea, Indonesia, Saudi Arabia, Taiwan, Thailand) and 2nd largest in Southeast Asia (Indonesia, Thailand, Singapore). Thailand has a GDP of $505 billion and a population more than 69 million. See below for Thailand Board of Investment (BOI) announcement.
“ Thailand Board of Investment Announces New 5-Year Investment Promotion Strategy: New Economy, Green & Smart Industries, Hub for Business, Trade & Logistics “
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Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), told reporters today that the board has approved a new 5-year investment promotion strategy framework structured around the concepts of innovation, competitiveness, and inclusiveness. Thailand BOI Approves New 5-Year Investment Promotion Strategy Focused on Innovative, Competitive and Inclusive Approach to New Economy
The Thailand Board of Investment (BOI) at a board meeting held last week approved the framework of its new Investment Promotion Strategy for the next five years, which will focus on entering the new economy era by encouraging technological advancement, the transition to green and smart Industries, talent development, as well as creativity and innovation, to strengthen the country’s status as a regional hub for business, trade and logistics.
The new investment promotion strategy (2023-2027) sets out to promote investment to restructure the country’s economy around three core concepts, namely 1) innovation, technology, and creativity, 2) competitiveness and the ability to adapt quickly, and 3) inclusiveness, taking into account environmental and social sustainability.
“In view of the challenging, volatile and highly competitive global environment, the BOI will stay ahead of changes and keep promoting investment in a way that achieves concrete results, helping to lead Thailand into the new economy,” Mr. Narit Therdsteerasukdi told reporters during his first press conference since he took office as Secretary General of the BOI on October 3. “To reach that objective, the BOI will broaden its role from that of a ‘Promoter’ providing tax and non-tax benefits, to focus on becoming an ‘Integrator’ of investment support tools, a ‘Facilitator’ providing services, and a ‘Connector’ linking industries to create more business opportunities.”
To implement the strategy and its vision of the new economy, the BOI will articulate its investment promotion policies around seven pillars:
Further details of the policies and sector-specific incentive packages will be presented to the board and announced in coming weeks, Mr. Narit said.
January-September Investment Applications
The board also acknowledged the investment pledges filed during the first nine months of 2022. From January to September 2022, foreign and local investors filed with the BOI a total of 1,247 applications for investment promotion, worth a combined 439.1 billion Baht (US$ 11.6 billion), Mr. Narit said.
While the number of applications rose 8.5% when compared to the 1,149 projects seen in the first nine months of 2021, the combined value fell 14.1%, from 511 billion Baht, reflecting a smaller average project size.
Thailand’s Eastern Economic Corridor (EEC) area saw 376 projects applying for promotion, representing a combined investment value of 246.7 billion baht, or 56% of the total value of applications in the first nine months, Mr. Narit said. Most are investments in Rayong and Chonburi provinces.
Foreign direct investment (FDI) applications decreased 25% from the year earlier period to 275.6 billion Baht
The main source of FDI applications in the first nine months was China with 45 billion Baht, followed by Taiwan (39.3 billion Baht), Japan (37.6 billion Baht), the U.S. (34.3 billion Baht), and Hong Kong (26.3 billion Baht).
During the first nine months, FDI applications data for China, Hong Kong and Taiwan all included investments in the manufacturing of new electric vehicles (EV) and parts. Major EV investments announced in Thailand this year involve plants by BYD, whose investment is coming through its Hong Kong-based unit, and Foxconn.
Over the 9 months to September, the BOI has issued promotion certificates to 1,101 projects, an increase of 17% from the year earlier period. The combined investment value of the certificates amounted to 357.6 billion baht, an increase of 57%, Mr. Narit said.
“The promotion certificate statistics, the closest data we have to actual investment, are sending a clear signal that over the next one to two years there will be a significant increase in actual investment flows,” Mr. Narit said.
For more information, please contact:
- Thailand Board of Investment
- Website: www.boi.go.th
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