Thailand is the cradle of international business opportunities. For this reason, it is the most sought-after venue for corporate and business houses across the globe. One of the major reasons for such fame is the involvement of the Thailand Board of Investment (BOI) in foreign business processes. BOI promotes Thai overseas investment to attain competitiveness in the local business market and elevate the level of contribution of Thailand in the global economy.
BOI Thailand Applications in 2020
Before discussing the scope of investment under Thailand BOI, let us check the list of BOI application and start a business in Thailand in the year 2020 –
- 1717 applications are received by BOI Thailand for investment promotion in 2020.
- Combined investment values for 481.1 billion baht which is equivalent to US$ 16 billion.
- 48% of the total value of the investment is done for the target industries which hold strategic importance for Thailand. Applications are for –
- Electrical Appliances and Electronics worth 50.3 billion baht – 10.5%
- Agriculture and Food Processing worth 41.1 billion baht – 8.5%
- Automotives and Automotive Parts worth 37.8 billion baht – 7.9%
- Petrochemicals and Chemicals worth 36 billion baht – 7.5%
- Biotechnology worth 30 billion baht – 6.2%
- Value of applications in the medical sector has 165% increase in 2020 involving 907 project applications with the Thailand Board of Investment.
The above-mentioned data sounds sufficient enough to prove the feasibility and viability of investment in the booming market of Thailand. BOI Thailand is always interested in promoting business and investment to encourage research and development, innovation and value creation in target industries. The list of such industries majorly comprises agricultural, industrial and service sectors.
BCG Model of BOI Thailand: Great Scope of Investment
To deal with the retardation in the economic growth due to the COVID-19 impact, BOI is promoting the BCG Model of the economy to attract foreign direct investment to Thailand. This model primarily focuses on agriculture, biotechnology, tourism and creative economy. This model has attractive deduction and exemption packages for foreign investors willing to invest in the listed industries.
Getting a Thailand BOI Registration becomes easier if the applicant businesses are targeting environment-friendly and sustainable development projects. Major industries for these businesses are agriculture, mining, ceramics, metallurgy and transport equipment. Similarly, electronic and electric appliances, chemicals, papers, plastics, services and public utilities are also industries of concern.
For a better note, the list covers almost all of the major high-yielding business verticals. These businesses assure a greater ROI than other conventional business ventures. So it can be great for you if you are planning to invest in any of the aforesaid sectors or industries.
In addition, according to the Royal Thai Government, various stimulus packages and incentives for foreign investors. Firstly, these incentive packages are very much industry-specific. And secondly, they can be of great help in boosting the ROI of any new business in Thailand. However, before you invest, you must have knowledge of the technical aspect of the same.
Therefore, you will require proper guidance and legal assistance for your business idea for Thailand. For this, take the help of a panel of seasoned lawyers and attorneys of Konrad Legal. For a consultation call, mail us at [email protected]
