A new Board of Investment (BoI) is likely to be in place soon after the caretaker government has been allowed by the Council of State and the Election Commission to proceed with the new board’s appointment.
Chalitrat Chandrubeksa, caretaker deputy government spokesman, said without a new board, investment applications worth as much as 600 billion baht are being shelved.
Normally, the BoI board meets every month. It is chaired by the prime minister and members include ministers and permanent secretaries of economic ministries, four experts and the chairmen of the Federation of Thai Industries, the Thai Chamber of Commerce and the Thai Bankers’ Association.
Members’ terms expired last October.
The BoI’s subcommittee is by law allowed to approve investment privileges for applications valued below 200 million baht. Those of greater value need to go through the BoI board.
Mr Chalitrat said the absence of a new board also leaves various relevant committees and new investments in limbo.
Now that the cabinet is allowed to appoint the new BoI board, the BoI will later submit the list of new board members to caretaker Industry Minister Prasert Boonchaisuk for consideration, he said.
Mr Prasert, in his capacity as the BoI’s vice-chairman, is expected to submit the new board for the cabinet’s approval as soon as possible, saying investors are waiting for the approval of the BoI’s board.
Mr Chalitrat said both the public and private sectors are gravely worried that the delay in the BoI’s approval may cause foreign investors to relocate to other countries especially neighbouring countries such as Indonesia and Vietnam that offer attractive privileges to investors.
As of February, applications submitted to BoI amounted to 600 billion baht.
Phayungsak Chartsuthipol, chairman of the Federation of Thai Industries, said this would help improve Thailand’s investment climate because long-delayed approval of applications would prompt investments moving to other countries.
However, Mr Phayungsak doubted the actual investment of those applications, as political problems remain.