The Thailand Board of Investment (BOI) has approved five large-scale projects with a total investment value of US$1.35bn and measures to strengthen the countrys agricultural sector and agro-industry in line with the bioeconomy, circular economy and green economy (BCG) model
“It is very encouraging to see that despite the global economic situation due to COVID-19, Thailand which has done well in containing the outbreak sees a continuous flow of investment,” Duangjai Asawachintachit, secretary general of the BOI, said after a board meeting chaired by Prime Minister Gen Prayut Chan-ocha.
The Board agreed to adjust the investment promotion terms and benefits for the agricultural industry based on the BCG model to encourage the development and adoption of technology and innovation in order to add value to the sector's output and help improve its productivity.
Promoting investment in agro-industry based on BCG model
An activity, Plant Factory, is added to the list of activities eligible for BOI incentives. The plant factory is a facility that aids the steady production of high-quality vegetables all year round by artificially controlling the cultivation environment (such as light, temperature, humidity, carbon dioxide concentration and culture solution), allowing growers to plan production.
This new technology will enable Thailand to improve both the quality and quantity of agricultural produces for both domestic consumption and exports. Such business will be eligible for corporate income tax exemption for a period of five years.
The scope, terms and benefits for certain types of agriculture-related activities were amended to encourage the use of technology and innovation and sustainable development, for example, pet food and animal feed, the grading, packaging and storage of plants, vegetables, fruits or flowers, and products from agricultural wastes.
