“Somkid – BOI” Negotiated with Japan and Gained 25 Billion Baht for the Country as Investing on EEC after 2017 Receives the Same Tax Reduction Privilege


On June 5, 2017, at the Imperial Hotel, Tokyo, Japan, Mr. Somkid Jatusripitak, the Deputy Prime Minister revealed the result of first-day negotiation to roadshow the Thai investment plan in the Eastern Economics Corridor Development or EEC that the talks went well with four Industrial giants like firstly, Kyocera Corporation, the manufacturer of medical device components, secondly, Spiber Inc., a biotech startup that produces protein extract material that is 100 times stronger than steel who is currently partnering with Toyota to co-produce automotive parts as well as travel equipment for the North Face.

Thirdly, there are over 90% possibility chance for Subaru Corporation, who has never invested in Thailand, to invest in the EEC on the aircraft parts manufacturing and fourthly Kuraray, the manufacturer of battery for electric vehicle and electronic components.

“I explained to Japanese businessmen about the opportunity to invest in the EEC, where we are preparing to facilitate on both law and infrastructure. I further urged BOI to expedite the negotiations and get the investment going in Thailand”, said Somkid.

Mrs. Hirunya Suchinai, the Secretary General of the Board of Investment (BOI), further pointed out during the interview that leading four Japanese companies in advanced material industry, biotechnology industry, special chemicals industry, and automotive industry will come to begin implementing their investment decisions by this year with no less than 25-billion-baht investment budget and many more companies are in the process of feasibility review to invest in the EEC.

BOI will extend the period a little longer for Japanese investors to file for the tax privilege for their investments which the original deadline was by 2017. This matter will be accelerated and considered in the BOI’s board soon”, said Hirunya.

Mr. Uttama Savanayana, the Minister for Industry, said that he was approached by the Japanese investor group and JETRO to discuss on the issue of time extending for EEC investment application while preserving promotional privileges. Subsequently, Thailand promised to consider extending the investment deal as proposed by giving different rights for each company according to their industry. They will also gain the rights to access the competitiveness development fund as well.

Source: http://www.prachachat.net