Thailand Board of Investment’s New Strategy for Investment Promotion from 2023

1. Background

At the end of last year, the Board of Investment of Thailand (“BOI”) had approved the new five (5)-year investment promotion strategy from 2023 to 2027 (“New Strategy”) under which the BOI aims to promote investment to restructure Thailand’s economy to new economy under three (3) concepts which are: innovation, competitiveness and inclusiveness. To achieve this aim, the BOI sets out seven (7) pillars of investment promotion, including, upgrading of existing industries in parallel with building new industries, transitioning to green and smart industries, promoting Thailand as business center and an international trade and investment gateway for the region, etc.

In furtherance of the New Strategy, the BOI has revised the list of categories of promoted business activities and also issued seventeen (17) BOI Notifications, which will apply to applications for…