The Board of Investment (BoI) yesterday approved investment applications for 23 projects worth a combined 79.2 billion baht.
They included applications for the second phase of the government's eco-car project by four companies that will invest more than 34 billion baht.
Toyota Motor Thailand Co will invest 10.4 billion baht to produce 100,000 vehicles a year, Honda Automobile (Thailand) Co will spend 8.16 billion to make 100,000 units a year, and Suzuki Motor (Thailand) Co will invest 8.43 billion to produce parts and assemble 100,000 vehicles a year.
SAIC Motor-CP Co, a joint venture between CP Group and Chinese car maker SAIC, will invest 7.6 billion baht to produce 110,000 vehicles a year.
Hiranya Sujinai, acting secretary-general, said the BoI also approved a new investment strategy for 2015-21.
She said the policy would cut the government's budget for tax exemption to investors by about 60% compared with the previous policy.
The BoI also approved tax incentives for factories to be set up in five special economic zones.
In a separate development, the cabinet yesterday also approved generous tax privileges for companies that set up international headquarters and international trading centres in Thailand.
Privileges include cuts and waivers of corporate income tax, personal income tax, specific business tax and withholding tax as well as other non-tax measures.
State agencies have been assigned to improve visa and work permit procedures to facilitate their establishment in Thailand. A one-stop office will be set up.