The Board of Investment (BoI) has approved a new investment strategy for 2015-21, aiming to promote high technology, increase added value and focus on eco-friendly projects and research and development.
The strategy will target seven sectors: agro-industry and agricultural products; minerals, ceramics and basic metals; light industry; metal products, machinery and transport equipment; electrical and electronics; chemicals, plastics, paper and services; and infrastructure.
BoI secretary-general Udom Wongviwatchai said the strategy will be enforced at the start of next year.
"The policy aims to make Thailand a more attractive investment destination with more sustainable growth in the long term," he said.
Promotional privileges will be based on category or merit to be created for the country.
The agency now offers an eight-year corporate tax exemption and a waiver of import duties on machinery and raw materials.
Mr Udom said the new industrial preference will offer even higher corporate income tax exemption to investors committed to research and development.
The board also agreed yesterday to cancel existing investment zones to promote new regional industrial clusters.
The board will also change its method of evaluating projects by concentrating on quality instead of the value of applications. It is also committed to closely monitoring and evaluating projects after applications are approved.
The BoI was instructed by the junta last month to review its five-year investment promotion plan and submit a new seven-year strategy.
It also suggested the BoI focus on small and medium-sized enterprises and projects that promote domestic and international expansion.
The BoI meeting, chaired by National Council for Peace and Order chief Gen Prayuth Chan-ocha, approved 15 investment applications worth 40.54 billion baht.
The approvals included the expansion of diesel engine production of Isuzu Engine Manufacturing (Thailand) worth 5.13 billion baht, a power or hydropower plant of Gulf NLL 2 worth 5.17 billion, a power or hydropower plant of Gulf BL for 5.08 billion, a power or hydropower plant of Gulf BP for 5.15 billion, and a power or hydropower plant of Gulf NPM worth 5.14 billion.