Thailand extends investment incentives, eyeing US$15 billion in 2022

BANGKOK : Thailand on Monday extended an investment incentive scheme to try and bolster the country's economic recovery from the COVID-19 pandemic and said it expects more than 500 billion baht (US$15 billion) of investment pledges next year.

That forecast is similar to around 600 billion baht in both domestic and foreign investment applications lodged this year, an increase on the 481 billion baht seen the year previous, Thailand's Board of Investment (BOI) said.

The agency's head Duangjai Asawachintachit said the ongoing uncertainty of the pandemic necessitated a one-year extension of a scheme that includes tax exemptions for large-scale investment projects.

"We are seeing an improvement in the overall business sentiment, but the ongoing uncertainties related to new variants of COVID-19 require continuous incentives to support investment," Duangjai said.

The BOI also approved a one-year extension of incentives for investments in a special economic zone in the east of the country, a centrepiece of government efforts to nurture high-tech industries.