Incentives given to major production, data facilities

[rooster59]

Incentives given to major production, data facilities

By THE NATION

 

BOI secretary-general Duangjai Asawachintachit

 

The Board of Investment (BOI) on Friday (September 20) approved incentives for four large projects together worth over Bt28 billion.

 

 

The aim is to boost Thai competitiveness in targeted advanced-technology industries, BOI secretary-general Duangjai Asawachintachit said after a board meeting chaired by Prime Minister Prayut Chan-o-cha.

 

Nasipat Jira-olanwit was granted investment-promotion incentives for a polycarbonate resin factory worth Bt18.48 billion.

 

The Thai-Japanese-Taiwanese joint venture, based at Asia Industrial Estate in Rayong, will produce the tough, high-heat resistant and transparent thermoplastics for use in construction, automaking and electronics.

 

The plant will annually use more than Bt9.5 billion worth of local materials and export 49 per cent of its output.

 

Technology Asset Co Ltd was granted incentives for a data centre worth Bt4.45 billion.

 

The Thai- Singaporean joint venture in Bangkok will provide data services including storage for computer server, system maintenance and contingency workspace.

 

Ajinomoto Co (Thailand) Ltd was granted incentives for a biotechnological-produced monosodium glutamate plant worth Bt2.75 billion.

 

The Thai-Japanese joint venture will export 54 per cent of its output and work with the Research University Network to develop biotechnology curricula and run research and development.

 

Jiang Yong Ming was granted incentives to produce advanced material-sintered metal parts utilising a manufacturing process and modern technology new to Thailand.

 

The Bt2.59-billion factory wholly owned by Chinese investors will be located at WHA Eastern Seaboard Industrial Estate 2 in Chonburi.

 

The parent company is the largest producer of tungsten metal powder and tungsten carbide powder in China, with manufacturing bases in Japan, Taiwan and Germany.

 

Source: https://www.nationthailand.com/business/30376481

 

-- © Copyright The Nation Thailand 2019-09-21

Follow Thaivisa on LINE for breaking Thailand news and visa info

[rooster59]

Thailand approves almost $1 bln of foreign investment amid U.S.-China tensions

Chayut Setboonsarng

 

 

BANGKOK, Sept 20 (Reuters) - Thailand has approved four investment projects from Japan, Taiwan and Singapore worth almost $1 billion as it strives to court investors keen to avoid the fallout of a trade war between the United States and China.

 

The projects total 28.3 billion baht ($927 million), the Board of Investment (BOI) government agency said on Friday, with the biggest being a 18.5-billion-baht joint venture between Thai, Japanese and Taiwanese companies to produce thermoplastic for cars and electronics.

 

The three smaller projects include one involving Japan’s Ajinomoto Co Inc. unit in Thailand, the BOI added.

 

Earlier this month, the government announced a relocation package to attract foreign companies looking to move production due to the intensifying U.S.-China tensions, seeking to compete with Vietnam to lure manufacturers hit by tariffs.

 

The scheme offers a 50% corporate income tax reduction for another five years for those who apply by 2020 and requires that at least 1 billion baht of real investment is deployed by 2021.

 

Thailand, Southeast Asia’s second-largest economy, aims to approve investments projects worth 750 billion baht for 2019. It approved 709 billion baht worth of investments last year.

 

“Many companies that were impacted by the trade war are looking for new locations,” BOI Secretary-General, Duangjai Asawachintachit, told Reuters in an interview adding they were getting more interest from China, Taiwan and South Korea.

 

This presents an opportunity for Thailand, she said.

 

The BOI has also introduced other incentives in a an attempt to boost workforce skills labour with companies that run training programs or setting up corporate academies receive varying levels of tax exemptions, Duangjai added.

 

These incentives target 10 industries including, aviation, medical services and robotics.

 

$1 = 30.4900 baht Reporting by Chayut Setboonsarng; Editing by Pravin Char

 

-- © Copyright Reuters 2019-09-21

Follow Thaivisa on LINE for breaking Thailand news and visa info

 

[Srikcir]

5 hours ago, rooster59 said:

Thailand has approved four investment projects from Japan, Taiwan and Singapore

Here I thought the Thai government wanted to make foreign direct investments (outbound) with a focus on other ASEAN members. China tops FDI list in Asia. There's a reason for China's FDI's (outbound) - GDP growth.

Thailand ranks sixth (last) among the top foreign direct investments in Asia and fourth in ASEAN for FDI's.

FDI in Thailand will be costly for Thailand:

https://www.nationthailand.com/business/30376050

• 50 per cent cut of corporate tax for investors who invest Bt1 billion or more within  2021 and apply for tax privileges within next year - offered for five years period and it is on top of current tax exemption for eight years. 
• foreign investors could deduct cost for career training in the field of advanced-technology field by 250 per cent from 200 per cent, effective immediately until the end of next year. 
• new hiring of Thai employees with special skills by foreign employers in the four fields under STEM educational doctrine - science, technology, engineering and mathematics - could enjoy 150 per cent corporate tax deduction from now until the end of 2020.  

To FDI's in Thailand, companies better have the protection of a free trade agreement to keep Thailand's judicial system and political idiosyncrasies at bay.    

[Isaan sailor]

Perhaps it’s the start of some good news for the moribund Thai economy.  To make this feasible—Thailand needs to adjust the currency—DOWNWARD. 

[emptypockets]

8 hours ago, Isaan sailor said:

Perhaps it’s the start of some good news for the moribund Thai economy.  To make this feasible—Thailand needs to adjust the currency—DOWNWARD. 

Generally speaking the world market will determine the value of any currency.

Why doesn't the UK Government simply adjust the pound upwards? 

Because they can't.

Stop whining about something neither you and me have any control over.

The only control over your personal finances is what you did years ago - its called savings and investments. Haven't got any?  Only got a pension? Tough luck. You really haven't earned the privilege to live anywhere else but your home country. Harsh but true.

Don't be surprised when the younger taxpayers start complaining about subsidising you SEA holiday and demand cut backs on you pension payments. 

Already happened in Australia. 2 years residency now required before  you can draw on your pension overseas.

 

Don't forget that your pension payment is an outflow of cash from you home country. Governments hate that. They would much rather have you at home spending the pension internally...cash churn as they call it....keep it in house.

[hotchilli]

19 hours ago, rooster59 said:

The projects total 28.3 billion baht ($927 million), the Board of Investment (BOI) government agency said on Friday, with the biggest being a 18.5-billion-baht joint venture between Thai, Japanese and Taiwanese companies to produce thermoplastic for cars and electronics.

Nice to see that in 2019 Thailands ability to produce something of it's own without foreign knowledge is still sadly lacking.... except the ability to purchase military hardware!

[Damrongsak]

Bt 2.75 billion MSG plant.  Yummy.  Thailand needs to produce all the sugar and MSG they can to satisfy domestic demand. 

[LetsCleanUpTHAILAND]

On 9/21/2019 at 8:31 AM, rooster59 said:

The aim is to boost Thai competitiveness in targeted advanced-technology industries

This is very disappointing in so many ways! As a teacher, I've come to known Thais as some of the most CREATIVE minded people that I've met.

This is disappointing and embarrassing:

1. Climate scientists agree that our planet has passed it's threshold of CO2 in the air. This is such a serious problem that the US Army (the worlds most advanced military branch) has even announced that climate changed is the greatest threat to national security. However, Thailand has just announced that it's going to engage in the short-sighted business practices (making plastics at the cost of public health and environment) that need to be phased out.

2. Thai competitiveness, according to Thailand 4.0, is supposed to be coming from being innovative, NOT from making Thailand a land of river and ground polluting factories.

3. Thailand is the worlds #6 offender of plastic pollution and we have been in a waste management crisis for over 5 years (That I can remember). If we cannot even manage to keep our streets clean, how can we be trusted to protect drinking water and rice feilds from carcinogenic waste from these plastic-making factories?

 

I urge the Thai government to consider the environmental ramifications of the economic helmet their putting on this country as it rides out the US/China trade war.

[edwarda909]

GLOBAL CLIMATE STRIKE

 

GLOBAL CLIMATE STRIKE IN CHIANG MAI

 Friday, September 27, 3:00 PM

 Tha Phae Gate
Mun Mueang Rd, Si Phum, Chiang Mai
Chiang Mai, 50100, Thailand