The Thailand Board of Investment (BOI), established in 1966, is a key player in Thailand’s economic growth strategy. Functioning under the Office of the Prime Minister, the BOI acts as a magnet for foreign direct investment (FDI) by offering a variety of benefits and support services to international businesses.

Incentivizing Investment

The BOI’s primary function is to attract foreign investors by providing attractive incentive packages. These incentives can be tax-based, such as corporate income tax exemptions and import duty reductions, or non-tax-based, including facilitation of work permit acquisition, streamlined visa application processes, and assistance with navigating business regulations. The BOI tailors these incentives to specific industries and projects, ensuring they align with Thailand’s overall economic development goals. For instance, the BOI might offer extended corporate income tax holidays for businesses investing in advanced manufacturing or R&D facilities in targeted sectors.

Beyond Incentives: A Range of Services

The BOI goes beyond just offering financial perks. They act as a one-stop shop for foreign businesses, providing guidance on investment opportunities, company registration procedures, and connecting them with relevant government agencies and private sector partners. This streamlined approach simplifies the investment process and saves businesses valuable time and resources. The BOI can also assist with finding suitable land or office space, navigating environmental regulations, and recruiting qualified personnel.

A Focus on Targeted Industries

The BOI prioritizes industries deemed crucial for Thailand’s economic development. These currently include:

• Technology and innovation: The BOI recognizes the importance of technological advancement for Thailand’s future competitiveness. They offer incentives for businesses engaged in research and development, digital technology, and the production of high-tech goods.
• Eastern Economic Corridor (EEC) development projects: The EEC is a special economic zone in Thailand designed to attract high-value investments. The BOI provides additional incentives for businesses establishing operations within the EEC, further propelling the zone’s development.
• Advanced manufacturing: The BOI aims to elevate Thailand’s manufacturing sector beyond labor-intensive industries. They provide incentives for businesses investing in automation, robotics, and the production of higher-value manufactured goods.
• Sustainable industries: The BOI recognizes the growing importance of sustainability and environmental responsibility. They offer incentives for businesses that adopt environmentally friendly practices and develop innovative solutions for a greener future.

By strategically promoting these sectors, the BOI aims to enhance Thailand’s competitiveness in the global marketplace, foster long-term economic prosperity, and create high-quality jobs for the Thai workforce.

Looking Ahead

The BOI continues to play a vital role in attracting foreign investment to Thailand. With its focus on targeted industries, streamlined services, and attractive incentives, the BOI is well-positioned to support Thailand’s continued economic growth and development in the years to come.