Thailand
Singapore: Chamber pledges to help BoI revitalise measures
The Thai Chamber of Commerce (TCC) has proposed the Board of Investment (BoI) increase the number of one-stop service centres; improve promotional privileges for all industries across the value chain, including pet food production; encourage joint ventures and regional headquarters in the country; and open more service businesses to foreign investors in an effort to drive investment over the next five years.
Speaking after a joint meeting between senior executives of the chamber and the BoI on Wednesday, TCC chair Sanan Angubolkul said the chamber had called for greater clarity on the state incentives awarded to special economic zones, access for small and medium-sized enterprises and startups to BoI promotional privileges, and incentives for large companies that agree to participate in the scheme to help smaller ones in the same value chain.
“Amid greater challenges and competition, all countries around the world are revving up their efforts to upgrade their measures and privileges to make their countries more enticing to foreign investment,” said Mr Sanan.
“Likewise, Thailand is speeding up revising investment strategies to draw foreign investment over the next five years and the chamber pledges to work closer with the BoI to design promotional privileges that match investment demand of foreign investors in each country to create maximum economic impact particularly those from countries with potential such as Saudi Arabia, China, Vietnam and India, with the focus on expanding trade partnership rather than competition.”
He said the BoI accepted the chamber’s proposals and pledged to go ahead with improving its promotional privileges to facilitate investors as proposed.
The meeting also agreed to establish a working panel to provide advisory services to SMEs who want to apply for the BoI’s investment privileges, said Mr Sanan.
Although the weakened baht affects the import sector, the chamber recently proposed Thailand rev up foreign investment.
He said plans to attract foreign investment should be accelerated to compete against peers in Asean, especially Vietnam, which is a trendy destination for foreign investors.
“Foreign investment is a must to help rehabilitate our economy after the Covid-19 outbreaks,” said Mr Sanan.
“But to win over foreign investors, Thailand needs policies that benefit and facilitate their investment.”
He said foreign investment is not only instrumental to upgrading the country’s overall competitiveness, but will also bring know-how and technology transfer, create employment and help with the country’s economic development.
The baht’s continued depreciation also benefits exports, agriculture and especially the tourism sector, with the number of foreign arrivals expected to surge in the fourth quarter, said Mr Sanan.
Source: https://www.bangkokpost.com/business/2424445/chamber-pledges-to-help-boi-revitalise-measures