Businesses are flocking to invest in alternative fuels, advanced technology and environmentally friendly industries before the expiry of some investment policies at year-end.
Industry Ministry Prasert Boonchaisuk said a large number of investment applications have been submitted before the Board of Investment's (BoI) incentives expire at the end of this month. The sectors investing are involved in alternative energies, energy-saving practices, advanced technologies and switching to new machinery with less environmental effects.
BoI incentives set to expire this year include measures to support sustainable investments, tax measures given for flood rehabilitation projects, measures to support listed companies on the Stock Exchange of Thailand (SET) and the Market for Alternative Investment (MAI), and measures to support businesses in the three southernmost provinces.
Coming into effect in April 2010, applications for these measures totalled 522 projects with investment of 610 billion baht. Of the total, 239 projects worth 429.65 billion were in the alternative energy sector, 236 projects worth 162.87 billion were in advanced technology, and 43 projects worth 16.06 billion were going to replace machinery with models that had less environmental effects.
The rest included five projects worth 1.42 billion baht for environmentally friendly products and improvements in the manufacturing process.
"Most of the projects that applied for investment incentives under the sustainable development measures are in line with the BoI's goals to promote investments in alternative energies and other related areas," said Mr Prasert.
Some 136 projects with combined investments of 113.3 billion baht applied for privileges given to flood-affected companies. Another 22 projects worth 10 billion baht applied for privileges for flood-prone areas.
As for measures for SET and MAI-listed companies, two projects applied with total investments of 605 million baht, while four projects worth 285 million applied for privileges in the three southernmost provinces.