The Board of Investment (BoI) is planning to increase outlays by strengthening Thailand's status as an attractive production base, part of efforts to achieve a "new economy" goal.
Authorities will offer investment privileges to big companies to continue and expand their businesses in Thailand, while also inviting new foreign investors to relocate their production facilities to the country, said the board.
"These are part of our proactive measures to highlight Thailand as a destination for investment in new industries and a centre of international business," said Narit Therdsteerasukdi, secretary-general of the BoI, after a meeting of the agency's board.
Thailand is strong in the food security sector, has clean energy sources and hosts various industries that can support new investment, he said.
Expanding production facilities of companies in Thailand and drawing more overseas firms to set up factories here are two new measures added to the BoI's investment boosters, bringing the number to nine.
The BoI board approved the implementation of a nine-pronged investment promotion, which aims to support its five-year strategy to build a new economy.
The strategy, scheduled to take effect next year, will support investment in high technology, green and smart industries as well as businesses driven by creativity and innovation, all of which are believed to lead to a new economy and increase competitiveness.
Mr Narit said earlier Thailand needs a long-term strategy to drive forward its economy, with high technology, creativity and innovation-related projects at its core.
He said the BoI agreed to put new businesses on a list of investment projects eligible for tax incentives. They include the manufacturing of fuel cell electric vehicles, also known as FCEVs, and battery swapping stations.
FCEVs work like battery EVs, but instead of recharging a battery from an outlet, FCEVs use fuel cells that utilise compressed hydrogen and oxygen to produce electricity that drives car motors.
Battery swapping services have been piloted by some companies in Thailand to facilitate electric motorcycle riders. Users can swap out their drained batteries at stations for fully charged batteries.
The National EV Policy Committee announced last March it wants EVs to constitute 50% of locally made vehicles by 2030, part of an ambitious plan to make Thailand a regional EV production centre.