Thailand approves incentives to speed up industry 4.0 transformation
- Claire Lee
- Topics: Digital Transformation, Home Page - News, News, Restructuring, Thailand
Thailand’s Board of Investment (BOI) has approved incentives to encourage businesses to speed up their Industry 4.0 transformation. Such incentives include a three-year corporate income tax exemption covering 100% of the investment into the Industry 4.0 upgrade.
Applications for the incentive must be filed before end-2022, and companies with approval will have to fully implement their upgrade plans within three years from the date the BOI certificate is issued.
“The BOI has long been incentivising companies in moving towards productivity enhancement and automation, but it’s now time to move further to support Industry 4.0 transformation,” Duangjai Asawachintachit, Secretary General, BOI, told reporters, according to Bangkok Post.
READ: Thailand sees 222, 871 jobs created in October
In the first ninth months of 2021, total value of investment applications filed by both local and overseas investors amounted to 520.7 billion baht (US$15 billion), more than the 216.6 billion (US$6.5 billion) baht worth of applications filed during the same period last year. The figure is also higher than the total amount for the full-year 2020.
Over the period, there were 1,273 project applications, compared to 1,037 filed during the same period last year.
