The Board of Investment (BoI) yesterday approved investment applications for four large-scale projects worth a combined 28.7 billion baht.
Duangjai Asawachintachit, secretary-general of the BoI, said the four projects fall into the government's targeted advanced technology industries.
The projects include a polycarbonate resin production project worth 18.5 billion baht at Asia Industrial Estate in Rayong, owned by a Thai-Japanese-Taiwanese joint venture firm.
The project will produce polycarbonate, a type of hard, heat-resistant and transparent thermoplastic used in the construction, automotive and electronics industries. The project will use more than 9.5 billion baht in local materials annually.
Ms Duangjai said Technology Asset, a Thai-Singapore joint venture firm, received BoI approval for a project to provide data centre services, including storage for computer servers, system maintenance and contingency workspace in Bangkok, with investment costs of 4.45 billion baht.
Ajinomoto Thailand plans to invest in biotechnology to produce monosodium glutamate worth 2.75 billion baht.
Ms Duangjai said the board also approved measures to woo large-scale investment projects in targeted industries.
The measures include a reduction of corporate income tax by 50% for five years for investment projects worth at least 1 billion baht in targeted industries located outside Bangkok.
Applications must be submitted by 2021.
In addition, the board approved measures to develop human resources and contribute to creation of a highly skilled workforce.
These measures aim to encourage companies to provide training and apprenticeship programmes, as well as attract corporations to establish professional training and educational institutions in science, technology and engineering.
Under the package, entrepreneurs that provide training to students in science and technology, either in the form of dual education, cooperative education or work-integrated learning, will be allowed to claim up to 100% of the education cost as a deduction from taxable income.
Operators that provide training to employees or send their employees to attend training in advanced technology will be allowed to claim up to 200% of the expense as a deduction from taxable income.
Applications for these additional incentives must be submitted by 2021.