The BOI, or Board of Investment, is a government agency under the Prime Minister’s Office entrusted with the responsibility of promoting investment both within the country, and Thai investments made in foreign countries. Various investment laws exist to support investors, such as corporate income tax exemptions or reductions, tax incentives, and matters involving the import of machinery, production raw materials, as well as facilitations made towards matters of skilled labor, namely the entry of foreign experts into business operations that have received investment promotions. Currently, many foreigners have expressed their interest and have invested in large quantities. IN 2020, 1,717 projects requested investment promotions, with a total value greater than 481.150 billion baht. Let’s see what these businesses were:
5 Business Ranks that Requested Investment Promotions through the
- Electrical appliances and electronics: Although news was released reporting on how many countries have declared to withdraw and move their production bases to neighboring countries, many other companies plan to target Thailand as a base for production and future growth. Thus, the investment capital entered into this business had a value of 50.30 billion baht.
- Agriculture and food processing: Thailand’s agricultural foundation is second to none in the world, but with various technologies and innovations that remain unavailable to farmers, many gaps and opportunities exist, such as food processing, or food production under international standards. Thus, this field received an investment capital value of 41.14 billion baht, and is the second largest business after electrical appliances and electronics.
- Vehicles and parts: Thailand has a foundation of being a producer and exporter of a high number of vehicle parts, which has made Thailand a vehicle production base for many company giants. These companies also produce for domestic use, and in particular, for the incoming onset of electric cars that will soon replace gas-dependent cars. The automobile business has an investment value of up to 37.78 billion baht.
- Petrochemicals and chemicals: These businesses had a foreign investment value of up to 36.02 billion baht.
- Biotechnology: Modern technologies have given more opportunities to Thai researchers, and especially research results that have received international recognition, both in matters of agriculture and abundant biological resources. This caused foreigners to perceive the field’s value, resulting in their readiness to invest at a value of up to 30.06 billion baht.
Aside from the 5 businesses mentioned above, many other eye-catching businesses exist, such as the medical business, which is increasing its quantity of requests due to the onset of the COVID-19 epidemic. Thailand itself has been entrusted with being a vaccine production base for many foreign company giants, and this opportunity will cause Thailand to receive benefits from the transfer of technology and internationally accepted vaccine production techniques. This is in line with the impetus for Thailand to become a medical center for the ASEAN region, and due to the expansion of these foreign businesses wishing to invest in Thailand, another business field will also benefit: namely, the readymade factory rental business, and sections of the industry that are prepared to rent land for these businesses to quickly construct their factories and commence production.