THE BOARD of Investment (BoI) yesterday approved five investment projects worth a total of Bt40.462 billion during a meeting chaired by Prime Minister Prayut Chan-o-cha.
The highest investment proposal comes from a Chinese investor, Ju Xunning, who plans to invest Bt10.061 billion to establish a car tyre production project in Chon Buri province, according to the BoI.
“The project will help promote the rubber industry in Thailand. It will use up to 23,838 tonnes of rubber per year, with an estimated value of Bt1.433 billion,” BoI secretary-general Duangjai Asawachintachit said yesterday during a press conference at Government House.
A project by General Rubber, another car tyre maker, was also approved at yesterday’s meeting.
The firm aims to invest Bt9.721 billion in their project based in Rayong province and use 35,398 tonnes of rubber per year, valued at Bt1.673 billion.
Two other projects come from the aviation industry: Thai Airways (THAI), in partnership with a foreign company, will invest Bt6.468 billion to open a maintenance, repair and overhaul hub in Rayong province. The identity of THAI’s partner was not revealed at the meeting.
“This investment project will increase the capabilities and competitiveness of Thailand’s aviation industry, further attracting investment in the future,” Duangjai said.
An investment project by Thai Lion Air, a low-cost airline, worth Bt6.968 billion was approved.
Another investment project by AW Thailand, an auto-parts manufacturer, also got the nod. The firm plans to invest Bt7.244 billion in a project based in Chon Buri.
The project will supply car parts throughout the country as well as abroad.
This will, in turn, help reduce imports of automobile parts, Duangjai said.
The BoI secretary-general said that though the global economy remained uncertain in 2019, the investment prospects for Thailand were promising.
“The BoI is hosting the ‘Thailand Investment Year, What’s New’ seminar on March 4, and some 1,500 investors have already signed up,” said Duangjai, stating further that after the seminar, an investment clinic will be held for investors who are interested in applying for the BoI’s investment incentives.
Of the 1,500 investors joining the event, approximately 400 are foreign investors, she said.
“Furthermore, up to 500 investors have registered for the investment clinic, indicating they are interested in applying for BoI incentives,” she explained.
The BoI also decided at yesterday’s meeting to offer incentives to oil refineries for improving their toxic emission standards.
“To combat the PM2.5 (airborne dust particles 2.5 microns in diameter or less) air pollution, the BoI has finalised incentives for oil refineries in Thailand to improve their toxic emission standards from EURO 4 to EURO 5,” she stated.
Under the incentive, oil refineries will receive duties exemption for import of machinery required for improving their oil production quality.
There are currently six oil refineries in Thailand, and only two of them have improved their toxic emission standards from EURO 4 to EURO 5.
To receive the BoI investment incentive, Duangjai urged the remaining four refineries to submit their application documents by December 31 this year.