Thailand: Government approves a set of new incentives to attract investment
The Thai Government recently approved a set of new incentives, known as the ‘Thailand Plus Package’, aimed at attracting more foreign investment in cutting-edge technologies. Thailand intends to enhance its attractiveness as a privileged location for productive investments that in turn would allow the nation to rank among the high-income countries. In particular, the ‘Thailand Plus Package’ is meant to streamline the approval of investment projects by setting up an ad-hoc investment steering committee chaired by the country’s Prime Minister.
The new package envisages also the establishment of industrial areas where projects promoted by South Korea, China and Taiwan would be developed, as well as incentives specifically geared to attracting high-tech productive investments. Moreover, the plan is designed to resolve some difficulties that still remain such as the lack of locally available highly skilled workers and the streamlining of the issuing of residence permits for investors and expat managers.
Within the framework of the “Thailand plus package” the Thai Government is determined to step up the process towards resuming negotiations for a free-trade agreement (FTA) with the European Union (EU), which would contribute to enhancing the attractiveness of Thailand.