Revised Board of Investment Policy
The Board of Investment (BOI) of Thailand has revised its investment policy in order to account for the changes in both the Thai and global economies. The BOI has announced a goal for its new policy which is based on promoting “investments offering value,” both within Thailand and for Thai investment overseas. The new policy aims to increase the competitiveness of Thailand and to help it escape the “middle income trap”, while still maintaining the philosophy of a “self-sufficient economy.” The basics of the new BOI policy are as follows:
- In order to promote the competitiveness of the nation, emphasis will be given to research and development, innovation, enhancing the value of the agricultural, industrial, and service sectors, promotion of small medium enterprises, including the promotion of competitiveness in a manner that is fair and reduction in socio-economic inequality.
- Promotion of business activities that are environmentally-friendly and which save energy or use alternative sources of energy for sustainable, balanced, and long-term growth.
- Promotion of “investment clusters” that conform to the local potential and which increase the competitiveness of the value-chain.
- Promotion of investment in the Southern border provinces in order to improve the local economy and which improves the stability of the area.
- Promotion of investment in the special economic development zones, especially the border areas, both within and outside the industrial estates, in order to develop economic links with neighboring nations and to support the ASEAN Economic Community (AEC).
- Promotion of Thai investment in foreign countries in order to increase the competitiveness of Thai businesses and to enhance the role of Thailand on the world stage.
One of the new business activities promoted by the BOI is Category 7.10: Cloud Services. The conditions to be eligible for promotion in this category are: (1) the activity has to be established in no less than two data centers in Thailand that have an ISO/IEC 270001 standard, (2) there must be a connection between all data centers with a speed of no less than 10 Gbps in every direction with a back up circuit with the same specifications, (3) the activity must have an ISO/IEC 27001 standard in Cloud Security and an ISO/IEC 20000-1 standard in Cloud Service.
Applying for BOI promotion involves a complex set of rules and regulations. Businesses based in Thailand that are eligible for BOI promotion should consult with competent legal counsel before beginning the process.
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