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Welcome to the newest issue of Thai news, a resource that will keep you up to date on economic and business news in Thailand.
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I hope that you are having a great summer. Thailand has had a good season, with a number of timely news updates we'd like to share with you, related to the foreign investment and the Thai economy.
In particular I want to highlight that Thailand was recently named in two separate rankings, from CBRE and Mercer, for its competitiveness as an international business hub. The country was recognized for its affordable office rates and relatively low living expenses for expatriates in Bangkok. Both reports illustrate that Bangkok remains one of the least expensive cities in Asia for companies and residents.
The affordable office space and low cost of living, combined with the new Seven Year Investment Promotion Strategy have encouraged investment and promotion in key industries in Thailand. Companies such as Bridgestone, Kubota and Mitsubishi have all recently announced efforts to strengthen their research and development capabilities, contributing to the Thai government's strategy of investment expansion in research and development.
For more information about recent developments in Thailand, please visit us online.
Thank you,
Korbsiri Iamsuri, Director
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Investment Opportunities for Innovators in Thailand
Thailand is experiencing a wave of political and economic reforms. At the heart of its economic transformation are innovative approaches leading the way towards a sustainable future for Thailand in key industries, including: digital technologies, bioplastics and energy.
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The Thai government's recent plan to promote 10 Special Economic Zones (SEZ) along the country's border has created an opportunity for investors to receive maximum incentives, aiming to foster growth and development in the region. The SEZ strategy is critical to accelerating trade with bordering nations such as Myanmar, Laos, Cambodia and Malaysia .The investment incentives are expected to attract more investment to the region, and promote economic wealth distribution.
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All Eyes on Aerospace Sector
Rolls-Royce is looking to regionalize its aviation industry supply chain in Southeast Asia. The move is estimated to be worth $5 billion to $10 billion USD a year for external suppliers. Rolls-Royce (Thailand) is committed to spending approximately $600 million USD in Thailand over the next 10 years. The company has a strong track record in Thailand and has supplied more than 120 engines to Thai Airways, all three arms of the Thai military and 80 percent of the country's navel marine engines.
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Changes in Tax Incentives for International HQs
Effective January 1, The Thailand Board of Investment has introduced investment promotion incentives specifically for the international headquarters (IHQ) and international trading companies (ITC). Foreign investors who launch an IHQ or ITC are entitled to more tax and non-tax privileges. These incentives include reduction or exemption of corporate income tax for up to 15 years, personal income tax for expatriates, business tax, specific business and withholding taxes, as well as other non-tax measures.
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Thailand's 'Digital Economy' Part of 'Networked Society'
The Thai government's digital economy strategy is very much aligned with the "networked society," where widespread internet connectivity drives change for individuals and communities. The Thai government recognizes that entire industries are being reshaped and redefined by technological developments, and is committed to strengthening Thailand's broadband capabilities. Hans Vestberg, president and chief executive officer of Ericsson, suggests that advanced network capabilities will help consumers, companies and the country realize the true benefits of a digital economy.
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DID YOU KNOW?
Thailand is approximately twice the size of Wyoming.
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"The decision to choose Thailand at the time was driven by factors like its market size, the availability of skilled labor, a comprehensive supplier base and infrastructure, and last but not least, there was a favorable investment climate."
- Martin Apfel, President of GM Southeast Asia Operations
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The Thailand Board of Investment (BOI) is the inward investment promotion agency for Thailand that assists foreign investors in identifying business opportunities, providing tax incentives and privileges, and supporting foreign companies seeking to expand into the Asian market. Our services are free of charge and customized to help your clients succeed in Thailand.
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CONTACT US
Korbsiri Iamsuri,
Director
Thailand BOI
7 World Trade Center
34th Floor, Suite F
New York, NY 10007 USA
Tel: (212) 422-9009
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