The Board of Investment (BOI) has launched new investment strategies, with
an emphasis on promoting various sectors of the creative industry and
environmentally friendly practices.
BOI Secretary-General Udom Wongviwatchai said that the strategies were
intended to attract more investment in target industries and investment
projects classified as industries of the future.
Apart from creative industries, these industries include “green”
industries, high value-added industries, alternative energy development,
tourism, health service, and logistics.
The direction of the investment policy also aims to bring about balances in
the country’s economic, social, and environmental development, especially in
agricultural, industrial, and service sectors.
The BOI Secretary-General said that the investment promotion policy would
not be measured by only the value of investment projects seeking promotional
privileges from BOI. The projects must also contribute to Thailand’s development
and be in line with global industrial trends.
Concerning creative industries, they can be defined as the cycles of
creation, production, and distribution of goods and services that use
creativity and intellectual capital as primary inputs. A study shows that nine
creative industries have contributed about 10 percent of Thailand’s economy and
could grow quickly with strengthened value chains.
The nine creative industries include printing and publishing, information
technology, wooden furniture, medicines, jewelry, research, movie production,
movie theaters, and radio and television.
In the new investment strategies, BOI will increase promotional privileges
for investment in research and development and environmental management. The
existing zone-based incentives will be scrapped, while the promotion of
clusters of industries in each area will be emphasized.
The strategies, to be implemented from 2013 to 2017, also seek to improve
existing rules regulations in order to create an atmosphere conducive to
investment through non-tariff incentives and full-cycle services. In addition,
Thai investors will be encouraged to invest more in foreign countries.
According to BOI, the number of investment project applications from
January to September 2012 exceeded the set target. Investors sought BOI
promotional privileges for a total of 1,583 projects, valued at 804 billion
baht, during the nine-month period.
The number of projects represents an increase of 21.6 percent over the same
period of 2011, when only 1,302 projects were submitted. The investment value
accounts for a rise of 97 percent, compared with only 407 billion baht recorded
in the same period of 2011.
(thailand.prd.go.th)
