Thailand’s Board of Investment (BOI) has approved measures to encourage companies to speed up their digital technology and automation adoptions to promote Industry 4.0 transformation.
The newly-approved measures will give eligible companies a three-year corporate income tax exemption covering all their investment for the Industry 4.0 upgrades.
BOI secretary-general, Duangjai Asawachintachit, said the Southeast Asian country’s initiative will boost the competitiveness of its manufacturing industry.
He said applications must be filed by the end of 2022 and companies that receive approval have to fully implement their upgrade plans within three years from the date of issuance of the BOI certificate.
He added that the new measure supplements to the existing measures will support the adoption of automation systems and digital technology adoption.
“During the first nine months of the year, the BOI has received investment applications from both domestic and overseas investors totaling 520.7 billion baht (about 15.7 billion U.S. dollars), higher than those for the 2021.
“The number of project applications during January-September period stood at 1,273, compared with 1,037 during the same period in 2021, indicating investors’ sustained confidence in Thailand and in key targeted sectors.
“Among these investment applications, key target sectors include electric and electronics, the medical sector, petrochemicals and chemicals, agroindustry and the food sector,’’ he said.