Somkid assigned BOI to set new team
to serve relocation FDI from trade-war-impacted countries.
22-8-2019—Today at BOI head office at Chamchuri Square building, Deputy Prime Minister
Dr.Somkid Jatusripitak led the meeting assigned BOI to set up a special team to serve the relocation requirement of many trade war impacted countries, such as ; China, Japan, South Korea, Taiwan, USA and European countries. The team will take the opportunity in crisis of the global economic slowdown enforcing the relocation as the opportunity by using Thailand’s strategic position as the center of CLMV to drive Thai economy.
“BOI will have meeting with BOI worldwide office’s chief, to acknowledge the problem require BOI to improve for better satisfaction for the relocation investor can quickly decide to invest in Thailand”
Dr.Kobsak Pootrakul political deputy secretary of Deputy Prime Minister unveiled that Deputy Prime Minister Somkid demanding BOI to have proactive policy by arranging the package and set up a specific team to serve the investment relocation.
Dr.Duangjai BOI secretary general said what BOI will serve the relocation investor consisted of three parts 1) the package,2) the team and 3)marketing activities that require working integration with not only government sector but also private sectors, such as the bank to join the team to offer loan for the relocation investor as well.
“Making the package to attract the relocation investment will not consider only the privilege but also consider how to make satisfaction to overcome the disadvantage I privilege and FTA condition compare with what provided by others country. BOI will make the initial promotion package for the relocation FDI to propose to BOI board of committee later on.” said BOI Secretary General
Dr.Kobsak said some promotion in the package could be support by others agencies to response the requirement of the relocation investors, such as MEHSI to support human resource development, special tax incentive, the fund enhancing competitiveness to pull in important company in. While I-EA-T will select the suitable location for the country demand the zone of their own. For example South Korea require South Korea Industrial Estate, I-EA-T will work on this to response the demand.
“Next week we would see clearer for the package for the relocation and it will be proposed to the economic cabinet meeting that supposed to be on 30 August 2019.” said Dr.Kobsak.
He unveiled that South Korea President and Minister of Trade Industry and Energy(MOTIE) follow by about 100 government officers and media members and about 100 of South Korean big private companies’ representatives will visit Thailand. The group will attend the Business Forum with 200 representatives of South Korean companies in Thailand and Thai big companies about 100 of Thai government officer and media members.
The Thai-Korean Borum will be organized on 2nd September 2019 at Intercontinental Hotel.The Business Forum will be gathered by about 500 persons Korean representative to accompany President of South Korea to visit Thailand will be consist of HUNDAI, SK Innovation, POSCO, LG and SAMSUNG., etc, including some FINTECH, Start-Up SMEs and Animation companies.
The business forum aiming to welcome Korean investor interested in New S-Curve industry such as Automation, Robotic, Bio Farming, Cosmetic including Animation, etc.
Dr.Somkid said this event is to welcome South Korean investors and inform them that Thailand is the investment location for all, to change their perception though that Thailand is the land mainly for Japanese investors and decided to lead their investment to others country (Vietnam) instead of Thailand.
BOI Secretary General said currently the inquiry from China investors to apply for BOI promotion is 40% more than the same period last year.While the investment value of China’s application proceed to BOI currently this year was increased from 25 billion baht to 50 billion baht. By the way, we will open for only the industry that will not harm the environment and want to relocate to Thailand.
Dr.Kobsak said “the key is to list what countries want to relocate to invest in Thailand and to find what they need BOI to support, especially facilitation and infrastructure. BOI team have to closely work to match with each country’s style.
USA-ASEAN group has the business in their mind to relocate to Thailand. BOI will provide them non-tax facilitation and infrastructure with good environment and to help them clear the problem. China is working very fast, BOI have to catch on it.
