BANGKOK, Nov. 26 (Xinhua) -- Thai authorities recently approved investment incentive scheme for bid winners of U-Tapao Airport's Passenger Terminal 3 and Digital Park Thailand development projects, two of the six major development projects in the country's Eastern Economic Corridor (EEC).
The 45 billion U.S. dollar EEC project near the Gulf of Thailand, aimed at attracting high-tech investment, is a centerpiece of the government's policy to boost growth.
When completed, the airport and the digital park will play a key role in moving the EEC forward as a new regional business hub and accelerate the government's plan to transform Thai economy.
According to Thailand's Board of Investment (BOI), the bid winner of the U-Tapao Airport's Terminal 3 development project will be granted exemption of import duty on machinery and 8-year corporate income tax (CIT). In case that the developer has cooperation with an educational institution to develop human resource, the BOI will grant 50-percent reduction of CIT for another three years under the EEC investment incentive scheme.
The U-Tapao Airport's Terminal 3 is part of the Aerotropolis development project. Under the public-private partnership (PPP) format, the Aerotropolis project includes the construction of a 7.1 billion-U.S. dollars (233-billion-baht) Passenger Terminal 3 which will increase the airport's passenger handling capacity from 5 million passengers to 22 million passengers in 2033, and increase flight handling capacity from the current 25,000 units per year to 120,000 per year by 2033.
The development of U-Tapao Airport, high-speed train, Laem Chabang Port, Map Ta Phut Industrial Port and MRO Center are included in the PPP fast track program which the bidding process is shortened from 40 months to 8-10 months.
For the bid winner of the Digital Park Thailand, the BOI will grant import duty exemption on machinery and CIT exemption for eight years. The investment project that cooperates with educational institutions to develop human resources will enjoy an additional four-year tax holiday.
The digital park will play an important role in making Thailand the trade and investment hub for the region's digital business. Targeted activities include software development, digital services, data center, innovation incubation center, cloud service, R&D and relevant services.
The Digital Park Thailand is designed with comprehensive digital infrastructure, including high-speed optic fiber network, innovation infrastructure such as living lab, and other facilities to support business activities. Built as a smart city, the area will be fully equipped with advanced digital systems, such as face recognition security system, smart tap water system, 5G testing area, etc.
(Contributed by Chen Jiabao; edited by Yang Qi, kateqiyang@xinhua.org)
A single purchase
