Four Special Economic Corridors Investment Guide

      The government has announced plans to develop a new type of special economic zone under the name "Four Special Economic Corridors," which are divided into different areas with the distinctive identity and strengths of each area as their unique selling point, along with technology and innovation to expand opportunities for trade and investment, leading to more thorough distribution of the economic growth rate, reducing income inequality, improving the quality of life of the people, creating stability in the areas, and increasing competitiveness linkable to neighboring countries. The area is divided into four regions, as described below.

1. Northern Economic Corridor: NEC – Creative LANNA

• Covering Chiang Mai, Chiang Rai, Lampang, and Lamphun, aiming to develop them into a sustainable base of the country's “creative economy”;
• Promoting targeted industrial clusters, including creative industries, digital industry, tourism industry and wellness tourism, and agriculture and food industry. 

2. Northeastern Economic Corridor: NeEC – Bioeconomy

• Covering the areas of Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai, aiming to develop them into the country's new bio-industry base, with modern technology throughout the production chain;
• Promoting targeted industrial clusters, including bio-industries and agricultural and food industries.

3. Central-Western Economic Corridor: CWEC

• Covering Kanchanaburi, Suphan Buri, Phra Nakhon Si Ayutthaya, and Nakhon Pathom, aiming to develop them into a leading economic base in the agro-industry and tourism and high-value high-tech industries, linked to Bangkok and surrounding areas and the EEC;
• Promoting targeted industrial clusters, namely agricultural and food industries, and electrical appliance and electronics industries.

4. Southern Economic Corridor: SEC

• Covering the provinces of Chumphon, Ranong, Surat Thani, and Nakhon Si Thammarat, aiming to develop them into the center of the South and link trade and logistics with the main economic areas of the country and the Andaman Sea Region (BIMSTEC), thus creating a development base for bio-industry and high-value agro-processing and raising the quality and standards of international tourism;
• Promoting targeted industrial clusters, including agricultural and food industries, bio-industries, tourism industries, and wellness tourism.
  
  

Special Economic Corridor Development Measures consist of five areas, as follows:

1) Provision of privileges and investment facilitation;

2) Development of production and service chains;

3) Research and development and technology transfer;

4) Infrastructure development;

5) Workforce development and entrepreneur support.

Investment and Benefits Promotion Measures
Benefits and Investment Promotion Measures 

• Tax measures

• • Group A1+: additional 2-year corporate income tax exemption (with HRD or R&D conditions);
  • Groups A3-A4 and B: additional 3-year corporate income tax exemption;
  • Machinery import duty exemption;
  • Exemption of import duty on raw materials produced for export.
    
    
• Non-tax measures

• • Land ownership in industrial estates;
  • Import foreign experts;
  • Permission for unskilled foreign workers;
  • Training for Thai and foreign workers.

Criteria for Project Permit Application

• Must be a project with the type of business being promoted at the time of application submission and ready to comply with the conditions specified by the type of business;
• Must have a minimum capital of at least 1 million baht (excluding the cost of land and working capital);
• Must have modern production methods;
• Must invest in new machines for the whole production line;
• Must have a debt to registered capital ratio of no more than 3:1 in;
• Must have an added value of not less than 20% of income, except agriculture, electronics and parts businesses, and metal cutting businesses must have an added value of not less than 10% of income;
• Must have the measures to prevent and reduce the impact on the environment.

Application for investment promotion
1. Channels for application submission 

• Via online application submission system: www.boi.go.th E-Investment system for requests under normal investment promotion policies;
• Submit the documents at the office / E-Submission for measures or special policies;
• One Start One Stop Investment Center: OSOS.

2. Supporting documents for submitting an application:

2.1 Two promotion application forms
In case of submitting an application on behalf of an individual: The ID card or passport of the applicant is required. 

In the case of submitting an application on behalf of a juristic person:

• Copy of the latest juristic person certificate, not older than 6 months;
• Copy of the latest shareholder list (Bor.Or.Jor.5) or shareholding distribution report;
• Copy of the latest year's financial statements (if any).

In case of authorization:

• Power of Attorney affixed with stamp duty;
• Copy of ID card or passport of the authorized person with a certified true copy;
• ID card or passport of the authorized person.

Address: Office of the Board of Investment
555 Vibhavadi Rangsit Road, Chatuchak District, Bangkok 10900 

Tel.: +66 2553 8111. Fax: +66 2553 8315 
Email:
For more information: head@boi.go.th
Central Correspondence: saraban@boi.go.th

Source : Thailand Board of Investment 555
Tel : +66 2553 8111