"According to the council for the promotion of investment (BOI) of Thailand the latest data, in the first half of this year, a total of 468 foreign project application BOI preferential rights and interests, a total investment of 147.169 billion baht, there are 81 investment projects from China to apply for a preferential rights, a total investment of 24.278 billion baht, the Thai foreign investment in the second, second only to Japan." Recently, royal Thai embassy investment minister counsellor, council for the promotion of investment (BOI) of Thailand Zhong Baofen, director of the Beijing office in an interview with the China trade news reporter said that China has one of the top three in the Thailand's largest source of investment, Chinese businesses to Thai investment covers multiple industries, saic, huawei, linglong tire and haier in Thailand good business for many years.
From 2013 to 2017, 333 Chinese investment projects in Thailand received preferential rights and interests of BOI, with a total investment of 136.486 billion baht, zhong said. Key sectors in which Chinese companies have invested include machinery, rubber tires, solar cells and car assembly.
Zhong believes that the increasing investment of Chinese enterprises in Thailand shows that Thailand's investment environment and international business environment have been fully recognized by investors. With the arrival of more and more Chinese companies, the foundation for china-thailand pragmatic cooperation will be further consolidated. "The investment by Chinese enterprises will not only contribute to the overall development of Thailand's economy and society, but also help enterprises to complete industrial upgrading and international transformation. We look forward to deepening bilateral investment and practical cooperation to achieve win-win results." She said.
"Three years after the implementation of Thailand's 4.0 strategy, China and Thailand have huge potential for sustainable growth in trade and investment." "Taking advantage of the 'One Belt And One Road' and 'eastern economic corridor', we are full of confidence in the comprehensive promotion of Thailand's 4.0 strategy, and new economic growth points are emerging constantly," she said.
Zhong baofen introduced that Thailand has formulated many preferential incentive mechanisms and a number of tax and non-tax preferential policies to attract partners to invest in important industries. Thailand's 20% corporate tax rate is second only to Singapore's among asean countries. On this basis, BOI offers a maximum exemption from corporate income tax for 8 years, plus tax halving for 5 years and exemption from import tax on machinery and equipment. In terms of non-tax measures, Thailand allows foreign investors to hold land ownership rights with the approval of the BOI, and also provides working permits and visas for employees of enterprises investing in Thailand. Especially in the eastern economic corridor, Thailand offers special preferential rights and interests for investment projects. Four key areas, namely high-tech target industries, infrastructure and logistics development, r&d and technical support services, receive special preferential treatment.
Many Chinese companies have invested in Thailand to gain more labor resources and tax incentives, as well as to take advantage of Thailand's geographical advantages to expand their business globally. By attracting foreign investment including China, Thailand has been advancing cooperation with China and countries and regions along the "One Belt And One Road" economic corridor in the east. In Thailand have begun with the "area" members of the domestic public and private partners to cooperate and work together for Thailand 4.0 strategy of the top ten industries, including a new generation of automobile, intelligent electronic, high-end medical care, tourism, agriculture and biotechnology, food in the future, robots, aviation and logistics, biofuels and biochemistry, digital economy, etc. Thailand also has closer ties with its neighbors.
Zhong stressed that Thailand attaches great importance to the role of the digital economy in the overall economic development and has issued many incentive measures. For high-end software technology and services, data center, digital science and technology industrial park, innovation incubation center and other projects, on the basis of exemption from import tax of raw materials and equipment, Thai side offers 3-8 years of enterprise tax exemption respectively. In addition, the Thai side also provides non-tax facilitation measures, including allowing wholly foreign-owned enterprises, facilitating the exchange of foreign experts and technicians, allowing foreign-owned enterprises to own land, and providing facilitation policies for foreign exchange circulation, striving to provide a superior business environment for the majority of enterprises.
"China has made remarkable progress in the digital economy. At the BBS of china-thailand digital economy cooperation in March this year, China and Thailand signed five projects covering smart transportation, agricultural Internet of things, smart tourism, smart medical care and other aspects. It is believed that China and Thailand will carry out more cooperation in the digital economy. We welcome outstanding Chinese enterprises in the field of digital economy to invest in Thailand, and the investment promotion commission of Thailand will continue to provide more convenient services for Chinese enterprises to invest in Thailand." Zhong said.
BOI is committed to enhancing the country's competitiveness by promoting investment in research, development and innovation, adding value to agriculture, manufacturing and services, and promoting the development of small and medium-sized enterprises. The investment industries enjoying BOI's preferential rights and interests include agriculture and agricultural products processing, minerals, porcelain products and base metals, light industry, metal products, machinery and equipment and means of transport, electronics and electrical appliances, chemical products, plastics and paper, modern services and utilities, science and technology innovation business.
Zhong said that the cooperation between China's "One Belt And One Road" construction and Thailand's "eastern economic corridor" plan will continue to expand pragmatic cooperation between China and Thailand, jointly promote regional cooperation and sustainable development, and bring benefits to more countries.