Thailand to Unlock $9.2 Billion in Investment Projects
- Business ASEAN Companies Investments
Global Business Magazine- 4 minutes read
Aiming to unlock over $9.2 billion in investment projects in the next four months, Thailand’s Board of Investment (BOI)on Friday approved a major package of investment acceleration measures.
At its first meeting chaired by Deputy Prime Minister and Minister of Finance Ekniti Nitithanpraphat, and attended by Secretary General Narit Therdsathirasak and other officials, the BOI also launched the “Thailand FastPass” mechanism, creating a special express lane to facilitate investors in targeted industries, besides approving two major projects in the electric vehicle and medical sectors, worth a combined $210 million.
According to multiple media reports of Thailand, the BOI has established a special team to monitor and expedite investment in large-scale projects (valued at $31 million and above) approved during 2023-2024 but facing challenges and obstacles.
The goal is to unlock these projects, totalling over 70, with an investment value of over $9.22 billion, within four months. Most of these projects are in key industries such as data centers, electronics, power generation, and industrial estate development.
In addition, three subcommittees have been appointed to address the main obstacles facing investors and they included land, visa and work permit matters and the launch of Thailand FastPass, an express channel for investors.
Thailand FastPass system is a permanent mechanism to expedite priority investment projects. The BOI will work with relevant agencies to establish Service Level Agreements (SLAs), creating a dedicated channel for licensing applications, allowing investors to launch businesses and pursue real investments more quickly.
Projects that are eligible to enter the Thailand FastPass system must meet criteria such as a project that has already applied for promotion, the investment value is not less than $31 million, located in target industries such as biotechnology, automotive, semiconductors, automation, and digital.
The project should also create significant benefits for the Thai economy, both in terms of employment and technological upgrading.
“The Thailand FastPass mechanism will be a new weapon in attracting investment and a key tool in accelerating large-scale projects in targeted industries, which will help drive new investments quickly and tangibly,” Narit said.
The BOI has approved investment promotion for the production of core battery cell components for high-capacity batteries, including cathodes, anodes, electrolytes, and electrode separators.
This initiative aims to attract high-tech battery cell and supply chain manufacturers to establish production bases in Thailand, enhancing the country’s integrated electric vehicle industry. These companies will receive a three-year corporate income tax exemption.
Approval for Two Projects
The meeting also approved two investment promotion projects worth a total of $210 million.
While Hitachi Astemo Asia Co., Ltd.: PCU Inverter production project for electric vehicles at Gateway City Industrial Estate, Chachoengsao Province, investment value $105 million, Bangkok Dusit Medical Services Public Company Limited, which is a specialised cancer medical center (chemotherapy and radiology) in Bangkok, with an investment value of $105 million, which will be the second proton center in Thailand.
