Investment from Japan, China on top of Thailand's FDI list

BANGKOK, November 19 (TNA) - The Board of Investment of Thailand (BOI) reports that applications from Japanese and Chinese investors have been top of its list so far this year. BOI Secretary General Duangjai Asawachintachit told journalists of the update on Monday, after the latest BOI meeting chaired by Thai Prime Minister General Prayut Chan-ocha. Duangjai said that applications submitted by Japanese investors were top of the BOI list both in targeted industries and in the Thai government-supported Eastern Economic Corridor (EEC) during the first nine months of 2018, followed by those submitted by Chinese investors. According to the BOI chief, there were 1,125 foreign direct investment (FDI)projects applying for BOI promotional privileges during the first nine months of this year, a 10 per cent year-on-year increase, but its total value of 377.05 billion baht was comparable to the total value during the same period of last year. The BOI chief stated that applications of FDI projects in Thailand's targeted industries during the January-September 2018 period reached 525 projects, totally worth about 290.48 billion baht, a 69 per cent year-on-year jump from the corresponding period of 2017, most of which were environmentally-friendly petrochemical and chemical projects, followed by those of automobiles and parts, tourism, agriculture, bio-technology and digital. The BOI chief revealed that applications of FDI projects in the Thai government-supported EEC reached 288 projects during the first nine months of this year, a 13 per cent year-on-year increase, but their total value of about 230.55 billion baht jumped by 117 per cent from the same period of last year. The BOI chief mentioned that applications for her office's incentives sought by Chinese investors particularly rose to about 22 billion baht during the first nine months of this year, about double from the same period of last year. For applications for FDI projects in 2019, the BOI chief acknowledged that her office will give priority to approving those of mega and high technologicial projects, as well as those of value-added knowledge-based projects that would enhance Thailand's competitiveness, the policy of which has been set to be implemented from November 19, 2018 to the end of 2019 when approved FDI projects, required to have investment funds of at least one billion baht each excluding their land and revolving funds, will be eligible for a 50-per cent-cut in their corporate income tax for the first three years, except those with no operationsl offices, like aviation and shipping projects, will be eligible for, on the other hand, a 5-to-8 year-waiver of their corporate income tax. (TNA)