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Thailand BOI approves 5 more food innovation sites for investment promotion

The Thailand Board of Investment (BOI) today extended to five more “Food Innopolis” sites the status of BOI-approved science and technology zones, already granted to eight locations, in support of Thailand’s policy to become a global food innovation hub.

The Board also decided to reopen its investment incentive scheme for electric vehicle (EV) charging stations. Incentives for electric appliances and electronics have also been revised in order to promote smart electronics and electrical appliances.

Ms. Duangjai Asawachintachit, BOI Secretary General, said today after a Board meeting chaired by Prime Minister Prayut Chan-ocha, that the BOI approved five more Food Innopolis sites as science and technology zones, as proposed by the Ministry of Higher Education, Science, Research and Innovation. The additional sites are located in Thammasat University, King Mongkut University of Technology Ladkrabang, Ubon Ratchathani University, Walailak University and Naresuan University. This move will further enhance the network of Food Innopolis previously approved namely Thailand Science Park in Pathum Thani province, Chiang Mai University, Khon Kaen University, Prince of Songkhla University, Kasetsart University, Chulalongkorn University, Mahidol University, and King Mongkut University of Technology Thonburi.

“Investment projects in the targeted industries and located in any of the 13 Food Innopolis locations will receive additional privileges on top of the normal package of 5-10 years of corporate income tax exemption depending on the type of business. These top-up privileges comprise a 50% corporate income tax deduction for five years or an additional two years of corporate income tax exemption. The target activities qualifying for investment promotion include plant and animal breeding, research and development, and scientific testing services, among others. This arrangement aims to help drive Thailand towards its goal of becoming a global food innovation hub.” said Ms. Duangjai.

Extension of the investment incentives for EV charging stations

The Board also approved today to a new set of investment incentives to promote charging stations for a wider range of electric powered modes of transport, including electric powered boats, after the previous scheme, which applied only to charging stations for cars, ended in December 2018. To increase the coverage area of the EV charging stations, the new scheme sets additional requirements for projects seeking to receive BOI incentives, including a minimum of 40 chargers per project, at least 25% of which must be quick chargers. Investors will receive 5 years corporate income tax exemption among other privileges.

Revised conditions and privileges for investment in “E&E activities”

To keep up with the changing technologies in the electrical appliances and electronics (E&E) industry, the Board agreed to revise the conditions and privileges for the sector with the aim to make Thailand a base for the manufacturing of smart electronics and electrical appliances. To stimulate investment that will increase the country's competitiveness, projects that will undertake R&D and design activities in Thailand will receive additional privileges.

Approve natural gas power plant project

The Board also approved to grant investment incentives to a natural gas power plant project in Chachoengsao province, with a generation capacity of 560 megawatts and a total investment value of 22.27 billion baht.

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