Thailand approves large-scale projects to spur economy
Thailand’s Board of Investment (BoI) recently approved five large-scale projects with a total investment value of 41.83 billion THB (1.34 billion USD) in an effort to reactivate economic drivers after the country began easing lockdown measures.
Visitors to the Grand Palace in Bangkok, Thailand, on June 7 (Photo: AFP/VNA)
Bangkok (VNA) – Thailand’s Board of Investment (BoI)recently approved five large-scale projects with a total investment value of41.83 billion THB (1.34 billion USD) in an effort to reactivate economicdrivers after the country began easing lockdown measures.
Local media reported that BoI Secretary General DuangjaiAsawachintachit announced the move after a board meeting chaired by PrimeMinister Prayut Chan-o-cha on June 17.
On June 15, Thai Deputy Prime Minister Somkid Jatusripitak urged the BoI to make tax incentives and investment packages moreattractive to foreign agri-businesses to turn Thailand into aninvestment hub for CLMV (Cambodia, Laos, Myanmar and Vietnam) countries.
The Thai government wants to draw more investors as the COVID-19pandemic may cause them to consider changing their production bases, he said,adding that the country also aims to stand out among Cambodia, Laos, Myanmarand Vietnam as an investment destination.
The Thai economy is said to be on way to enter recession aftercontracting 1.8 percent in the first quarter, the sharpest decline since thefourth quarter of 2011 when the country was hit by floods.
The Bank of Thailand recently forecast the economy mayexperience stronger contraction than previous estimates. Earlier, it reviseddown this year’s growth projection for Thailand from 2.8 percent to -5.3percent due to the COVID-19 pandemic./.
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Thai Deputy Prime Minister Somkid Jatusripitak has urged the Board of Investment (BoI) to make tax incentives and investment packages more attractive to foreign agri-businesses to turn Thailand into an investment hub for CLMV (Cambodia, Laos, Myanmar and Vietnam) countries.
The Thai cabinet on June 16 approved a domestic tourism package worth 22.4 billion THB (720 million USD) to revitalise a key sector hit by the COVID-19 pandemic.
To cope with the adverse impact of COVID-19 on foreign investment, Thai Deputy Prime Minister Dr. Somkid Jatusripitak, has assigned the Board of Investment (BOI) to fine-tune its work by highlighting the strengths of the country to attract more foreign investors.
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Visitors to the Grand Palace in Bangkok, Thailand, on June 7 (Photo: AFP/VNA) 
