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InfoQuest

Investment agency responds to Deputy PM's order to spur economy amid strong baht

January 17, 2020


Abstract : Thai Deputy Prime Minister Somkid Jatusripitak has ordered the BOI to discuss with the Ministry of Commerce to accelerate the introduction of measures to boost investment over the next six months during the appreciation of the Thai baht, said Thai official.

InfoQuest (January 16, 2019) -- In addressing a speech entitled "A New Context for Investment in Thailand" at an investment seminar themed on "The Way out for Thailand", Ms. Duangjai Asawachintachit, secretary-general of the Board of Investment (BOI), revealed that Deputy Prime Minister Somkid Jatusripitak has ordered the BOI to discuss with the Ministry of Commerce to accelerate the introduction of measures to boost investment over the next six months during the appreciation of the Thai baht. And the measures must cover all, regardless of whether these receive or not receive preferential benefits from the BOI.

"The number of investment applications reflects investment in industry and services. Competitions among countries to attract investment have been fierce, but Thailand still managed to continue to receive investment applications and hit its target, with investment applications reaching up to 756 billion baht. But the most important thing is how to put the investment in place, so measures must be taken to promote the actual investment," said Ms. Duangjai.

Ms. Duangjai said the Eastern Economic Corridor (EEC) remains a priority in investment promotion. The BOI has increased preferential benefits for companies that focus on human resource development or on training interns, rolled out measures to boost the basic economy to help more people, and discussed with the Bank for Agriculture and Agricultural Cooperatives (BAAC) to introduce measures to promote farmers to become "smart farmers". Above all, it is necessary to push for and back up SMEs to upgrade to better adapt to future competition.

With regard to measures to improve production efficiency, Ms. Duangjai said that of the 170 investment applications, only 20 percent were related to renewing machinery, while the remaining 80 percent were applications for installing solar panels on rooftops to use renewable energy. And applications that can help build long-term competitiveness may not yet be on the table.

Source: InfoQuest, by Tanit Tongnok /Nisarat /Sasithorn, translated by Xinhua Silk Road

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Keyword: baht Thai investment

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