The Thailand Board of Investment (BOI), a government body aimed at encouraging foreign investment in Thailand, has approved five large-scale projects with a total investment value of US$1.35bn and measures to strengthen the country’s agricultural sector and agro-industry.
BOI also agreed to adjust the investment promotion terms and benefits for the agricultural industry based on the bioeconomy, circular economy and green economy (BCG) model in order to encourage the adoption of cutting-edge technology.
“It is very encouraging to see that despite the global economic situation due to COVID-19, Thailand which has done well in containing the outbreak sees a continuous flow of investment,” Duangjai Asawachintachit, secretary-general of the BOI, said after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha.
An activity, Plant Factory, has also been included in the list of activities eligible for BOI incentives.
Notably, the plant factory is a facility that aids the steady production of high-quality vegetables by artificially controlling the cultivation environment. This new technology will enable the Southeast Asian country to improve both the quality and quantity of agricultural produce for both domestic consumption as well as exports. Such businesses would be entitled to avail corporate income tax exemption for a period of 5 years.
The scope, terms and benefits for certain types of agriculture-related activities were also amended to encourage the use of technology and innovation and sustainable development.