17 March 2016 - Thailand's Board of Investment (BOI) has introduced promotional measures to boost three clusters of the future: Food Innovation, Aviation, Automation and Robotics.
Mrs Hirunya Suchinai, Secretary-General of the BOI, revealed after a BOI board meeting chaired by Prime Minister General Prayut Chan-o-cha that the board had approved additional activities and privileges to expedite investment projects in the Food Innovation, Aviation, Automation and Robotic industries.
The measure to promote investment in Food innovation will grant A1 incentives, and the “Food Innopolis” in the science park was set up as a science and technology zone to receive incentives as an investment promotion zones.
Incentives for targeted business that locates in the Food Innopolis are divided into 2 categories.
- Incentives granted under the investment promotion policy, investors will receive additional five-year of 50% corporate income tax reductions, import duty exemption for machinery and raw materials and other non-tax incentives.
- Incentives granted under the Super Cluster policy, investors will receive eight-year corporate income tax exemption, an additional five year 50% reduction on corporate income tax and import duty exemption on machinery and raw materials. Under the Super C luster policy, projects must have a corporation with educational institutes.
Targeted business for Food Innovation include plant and animal breeding, creative product design and development center, biotechnology, research and development, and scientific laboratories.
The measure to promote investment in aviation industries covers
- Manufacture or repair of aerospace parts and equipment
- Software development for aerospace industry
- Air transportation, and
- Unmanned Aerial Vehicle (UAV)
The targeted areas for Aviation clusters include 14 provinces: Bangkok, Lopburi, Chiang Rai, Pathum Thani, Chonburi, Rayong, Chacheongsao, Nakhon Ratchasima, Surat Thani, Songkhla, Sam ut Prakan, Nakhon Pa thom, Phitsanulok, and Nakhon Sawan.
Automation and Robotics
To promote investment in Automation and Robotic clusters, projects can be located in all area of Thailand. Targeted business in Automation and Robotic cluster include
- Manufacture of equipment and parts
- Automation system and parts
- Robot’s structures and parts, and
- Embedded software
Food Innovation, Aviation, Automation and Robotic industries will be granted super-clusters incentives, including eight-year corporate income tax exemption, an additional five-year 50% reduction and import duty exemption on machinery and raw materials. Interested investors must have corporation with educational institution, R&D center, or C enter of Excellence and must submit their applications within December 31, 2016.
Illustration Photo: 3D Printed Bionic hand made by Open Bionics in Collaboration with ILM XLabs (Credit: commons.wikimedia.org User:StarWarsRey)
Photo Credit: By StarWarsRey - Own work, CC BY-SA 4.0, https://commons.wikimedia.org/w/index.php?curid=46761523
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