Thailand is fast-tracking US$3.66 billion (121 billion baht) in strategic industrial investments while introducing new tax incentives to encourage technology companies to list on the Thai stock market.
The Thailand Board of Investment (BOI) approved 17 projects involving 15 companies under its latest FastPass batch. The projects are expected to create more than 14,000 jobs, with electronics and electrical components accounting for nearly 70% of the total investment.
The latest approvals bring the FastPass pipeline to 42 projects worth US$10.39 billion, with the investments expected to generate about 27,000 jobs.
Electronics and electrical components made up the largest share of the latest batch, with 10 projects valued at US$2.54 billion. The remaining seven projects cover high-grade processed foods, pet nutrition, precision machinery and automotive parts.
The FastPass mechanism aims to speed up project approvals by requiring government agencies to meet service-level agreements and address licensing bottlenecks. The BOI said the approach is intended to shorten the time between investment approval and the start of operations.
Alongside the accelerated approvals, the BOI has introduced the BOI to IPO initiative with the Securities and Exchange Commission and the Stock Exchange of Thailand. It is aimed at BOI-promoted companies, particularly those in New Economy sectors, seeking to raise capital through Thai stock-market listings.
Under the initiative, eligible companies listing on the Stock Exchange of Thailand (SET), Market for Alternative Investment (mai) or LiVEx can receive additional tax incentives.
SET-certified New Economy companies can qualify for up to three additional years of corporate tax exemption, or a 50% tax reduction for five years. Other promoted companies can receive up to two additional years of tax exemption, or a 50% tax reduction for three years.
The BOI said the measures form part of a wider change in how Thailand assesses investment projects. Rather than focusing mainly on the number of approved applications, the agency will place greater emphasis on realised investment, technology transfer, domestic supply-chain participation, skilled jobs and research and development.
The board also approved US$291.2 million in direct capital applications across three projects. These include a 90-megawatt wind farm in Maha Sarakham, a sterile food and beverage packaging facility in Ayutthaya, and an expansion of printed circuit board assembly operations in Rayong.
Taken together, the measures point to a broader effort to link investment incentives with manufacturing capacity, technology development, domestic supply chains and access to Thailand’s capital markets.
