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Thailand Board of Investment unveils incentives for international events and expands support for PCB manufacturing supply chain.
To strengthen Thailand’s tourism sector, the Thailand Board of Investment (BOI) has announced new incentives aimed at attracting large-scale international events to the country. The board has greenlit measures to lure high-profile concerts, sporting events, and festivals, aligning with the government’s vision to position Thailand as a premier tourism destination and revive the sectors post-Covid-19 crisis.
The incentives, approved during a recent meeting, include import duty exemptions on equipment for organizers of major events requiring investments or expenses exceeding 100 million baht (approximately USD 2.8 million). Additionally, the BOI will facilitate the temporary entry of foreign staff essential for event organization. However, it’s noteworthy that these measures do not extend to conferences and trade shows.
By reducing costs, lead times, and logistical hurdles, the BOI aims to support the resurgence of Thailand’s tourism sector, a vital contributor to the country’s economy, constituting approximately 20% of GDP.
On a similar note, the BOI has also extended incentives to cover the entire supply chain of Printed Circuit Board (PCB) manufacturing. In 2023, the BOI approved investment promotion benefits for 40 PCB projects, attracting investments totaling USD 2.66 billion (around 96 billion baht). These projects, spearheaded by companies from China, Taiwan, Japan, and Thailand, signaled a significant shift of PCB production hubs to Thailand.
To further enhance foreign investment in PCB manufacturing and foster a comprehensive ecosystem, the BOI has broadened the definition of eligible businesses to include manufacturers of PCB parts and providers of related services. This encompasses various aspects such as lamination, drilling, plating, routing, electrical testing, and the production of essential materials like copper clad laminate (CCL), flexible copper clad laminate (FCCL), and PREPREG.
With these initiatives, the Thailand BOI continues its mission to promote economic growth, attract foreign investment, and enhance the country’s competitiveness on the global stage.