Seven BOI milestones transform Thailand’s economy

      As economic and investment factors both inside and outside the country have changed dramatically, the Board of Investment (BOI) believes it is appropriate to revise policies and criteria to ensure that investment promotion is appropriate for the current situation and for future trends in the country, as well as to be in line with the country's development direction as outlined in the National Economic and Social Development Plan policies for agricultural, industrial, and commercial sectors. 

      Consequently, investment promotion will now have the goal of promoting investment and restructuring the Thai economy towards a new economy, with the goal of restructuring the economy to achieve three outcomes:

1.Innovative: It is an economy driven by technology, innovation, and creativity;

2. Competitive: It is a competitive, resilient, and high-growth economy;

3.Inclusive: It is an economy that takes into account environmental and social sustainability, as well as creating opportunities and reducing inequality.

Therefore, the investment promotion policy has set seven milestones of investment promotion, as follows:

1. Industrial restructuring entails upgrading existing industries in which Thailand excels, as well as establishing a new industrial base in areas where Thailand has potential and strengthening the supply chain;

2. Accelerating the transition to smart and sustainable industry through new investment and the advancement of existing entrepreneurs;

3. Driving Thailand as an international business center and a gateway for regional trade and investment;

4. Promoting entrepreneurship, small and medium-sized enterprises (SMEs), and startup enterprises (Startup) to make them strong and connected to the world;

5. Promoting investment according to the potential of each area to create inclusive growth;

6. Encouraging promoted entrepreneurs to carry out activities for community and social development;

7. Promoting Thai overseas investment to expand business opportunities and increase Thailand’s role in the global arena.

      BOI will use four key tools to drive these seven success milestones: tax and non-tax benefits, comprehensive pre- and post-investment services, ecosystem building, and regulatory improvements to encourage continued investment in order to transition Thailand to a new economy based on technology, innovation, and creativity, as well as sustainable growth and competitiveness on the global stage.