The Thailand Board of Investment (BOI) approved investment promotion applications worth a combined 41 billion baht (USD1.1 billion). These projects include the manufacturing of electric vehicles (EV), the generation of renewable energy from waste, data centers, as well as travel and tourism infrastructure and equipment. The BOI has fine-tuned its 5-year investment promotion strategy, focusing on strategic sectors such as EV manufacturing, renewable energy, and digital industries. The revised strategy aims to promote green transformation, technology development, talent attraction, cluster-based investment, and ease of investment to attract international investors and restructure the Thai economy towards the “New Economy.”
Mr. Narit Therdsteerasukdi, Secretary General of the Thailand Board of Investment (BOI), announced the approval of a total of 41 billion baht (USD1.1 billion) in investments. These investments include the manufacturing of electric vehicles (EV), the generation of renewable energy from waste, data centers, as well as travel and tourism infrastructure and equipment. The approval came during a Board meeting led by Mr. Parnpree Bahiddha-Nukara, Deputy Prime Minister and newly appointed Chairman of the BOI, who also fine-tuned the 5-year investment promotion strategy that became effective in January this year.
“The projects approved by the board in its first meeting since the new government was established are largely in strategic sectors such as EV, renewable energy, and digital industries. These sectors will be the focus of our investment promotion policy in the coming years,” Mr. Narit Therdsteerasukdi, Secretary General of the BOI, told reporters at a press conference.
The adjusted strategy places five strategic industries and activities at the core of the investment promotion policy for the next four years (2024–2027) and offers them special investment incentives. These industries and activities are (1) BCG, including agriculture, food, medical, and clean energy; (2) Automotive, especially EV, covering the manufacturing of cars and the related supply chain from batteries and key parts to charging stations; (3) Electronics, especially upstream and smart electronics; (4) Digital and creative; and (5) Regional headquarters and international business centers. The revised strategy will also push forward five important agendas to enable the transformation of the industrial sector, namely (1) Green transformation; (2) Technology development; (3) Talent development and attraction; (4) Cluster-based investment; and (5) Ease of investment, Mr. Narit said.
From January to August 2023, the BOI has received investment promotion applications worth a combined investment value of 465 billion baht, a 47% increase from the same period last year. The number of applications has risen by 33% to 1,375 projects.
“The continuous flow of large projects we have seen so far this year confirms international investors’ commitment to Thailand as they relocate production in reaction to the complex geopolitical environment. Thailand’s investment ecosystem and the introduction of our new investment promotion strategy that aims to restructure the Thai economy towards the ‘New Economy’ make investment in Thailand even more attractive,” Mr. Narit said.
The investment applications approved by the board include the following projects:
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Changan Automobile, one of China’s leading car manufacturers, received approval for an 8.86 billion baht investment in a factory that will initially have an annual production capacity of about 58,000 battery electric vehicles (BEVs) and about 36,500 plug-in hybrid electric vehicles (PHEV). The investment, announced by Changan in April, will be the company’s first production base for right-hand drive vehicles outside of China and will be located at the WHA Industrial Estate Eastern Seaboard 4 in Rayong Province.
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C&G Environmental Protection (Thailand) Co., Ltd. received approval for a 4.89 billion baht investment in a 35-megawatt power generation project that will produce electricity from waste. The facility will be located in the area of the Nong Khaem Solid Waste Disposal Center in Bangkok.
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New Sky Energy (Bangkok) Co., Ltd. received approval for a 4.89 billion baht investment in a 35-megawatt power generation project that will produce electricity from waste. The facility will be located within the area of the On Nut Waste Disposal Center in Bangkok.
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True Internet Data Center Co., Ltd. received approval for a 3.59 billion baht investment in a data center business to be located in Pak Kret District, Nonthaburi Province.
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Thai Airways International PCL received approval for a 9.31 billion baht investment to acquire five passenger aircraft with a total passenger capacity of 1,670 seats and a total cargo capacity of 303 tons.
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Songcheng Holding (Thailand) Co., Ltd. received approval for a 9.54 billion baht investment in tourism infrastructure and attractions to be located in Chonburi Province.
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SOURCE: thailand-business-news.com
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