During a meeting on Mar 21, the Thailand Board of Investment (BOI) approved investment privileges for infrastructure projects totaling 56.6 billion baht (equivalent to US$1.64 billion).
The focus will be on strengthening the country’s energy and digital sectors. Additionally, the BOI announced the launch of the “HQ Biz Portal” this month. This integrated service is designed to provide efficient and seamless support to international companies looking to establish regional management operations in Thailand, in close coordination with other Thai regulators.
The board also acknowledged the recent approval by the country’s Cabinet of a series of updates to the qualification criteria, and the list of skills and activities eligible for the 10-year Long-Term Resident Visa (LTR Visa) in the “Highly Skilled Professionals” category, a move that adds flexibility to this program aimed at attracting foreign talent to help develop the economy and the industries of the future.
“The projects that have been granted investment privileges today will help strengthen the country’s infrastructure, which is a key factor in attracting more foreign investment,” Narit Therdsteerasukdi, Secretary General to the BOI, told reporters at a briefing held at Government Houses after the board meeting chaired by Prime Minister General Prayut Chan-o-cha.
Projects
The projects presented by both local and foreign investors that were approved today, and granted a series of both tax and non-tax benefits, include a 32.7 billion baht investment in a liquified natural gas (LNG) terminal project, and a 5 billion baht investment in a cogeneration power plant project by a Thai-Singapore joint venture.
Two data center projects, representing a combined investment value of 10.4 billion baht, were approved to help address the rapid growth of the digital sector, and the rising domestic and international demand for large-scale storage and management services. One of the projects is by a U.K.-Singapore joint venture, that will use renewable energy to reduce its carbon footprint and ensure environmental sustainability.
The Secretary General announced that the “HQ Biz Portal”, an integrated service setup by the BOI, the Revenue Department, the Department of Business Development, and the Bank of Thailand, started operations this month, following the earlier approval by the board. The service was setup to further strengthen Thailand’s position as a regional headquarters destination.
The HQ Biz Portal is a one-stop service providing a comprehensive list of consultation and facilitation services for companies considering the establishment in Thailand of international business centers (IBC) or regional headquarters, consisting of an online appointment system and information center. The service is coordinated by a working group comprising officials of the four agencies.
Thailand has taken a slew of measures to accelerate digital adoption. Recently, the Bank of Thai (BoT) and commercial banks that are members of the Thai Bankers’ Association (TBA) have been updating their digital infrastructure to manage cybersecurity concerns. TBA Chairman Payong Srivanich said that TBA will work closely with the central bank and the Government Financial Institutions Association (GFA) to guarantee the implementation of new cybersecurity measures by the June deadline.