Issue 35

The Thai prime minister assures foreign businesspeople in Thailand that the government is strongly promoting investment.

At a recent meeting of the Thai-Japanese Association (TJA) attended by the Thai Prime Minister, General Prayut Chan-o-cha, Japanese businesspeople were assured that Thailand remains a strong place to do business. H.E. Shigekazu Sato, Ambassador of Japan to Thailand, and members of the TJA and the Japanese Chamber of Commerce in Bangkok attended the event entitled, The Prime Minister Meets Japanese Businessmen, held at the Dusit Thani Hotel, Bangkok, on August 21.

The prime minister emphasised the importance of relations between the two countries.

“The JTEPA [Japan–Thailand Economic Partnership Agreement] signed in 2007, the same year as the anniversary of 120 years of diplomatic relations between Thailand and Japan, shows that both countries are great allies,” he said.

“We see that it is necessary to become a knowledge-based industrial country that utilises technology, innovation and creativity which will enable Thailand to escape the middle income trap. We see Japan as our ally, as in the past few decades the Thai economy has grown in part due to investment from Japanese companies.”

According to General Prayut Chan-o-cha, the government is working hard on promoting the economy and building the confidence of investors and tourists alike through supporting investment and offering business incentives for all foreign investors.

Since May 2014, the government has approved more than 1.1 trillion baht worth of projects proposed by the Board of Investment (BOI). Over the same period, 5,979 factory permits have been granted, to the tune of some 690 billion baht in investment.

The BOI earlier this year approved a seven-year investment strategy which will run from January 2015 to December 2021. The programme offers merit-based incentives and tax benefits while removing zoning restrictions for foreign investors.

“Some of the industries that have a high potential in Thailand are agriculture, tourism, public health and spas,” he said. “We also want to promote research and development and we want other countries to see Thailand as an important manufacturing hub in ASEAN.”

General Prayut Chan-o-cha outlined other projects to drive the economy including high-speed trains interconnecting different regions in ASEAN and China and the implementation of a single-window customs system. He also mentioned that the first phase of the Dawei special economic zone with Myanmar has already begun.

Kalin Sarasin, president of Thai-Japanese Association, welcomed the prime minister’s words. “The TJA wishes to enhance the friendship between Thailand and Japan through our programmes,” he said.

Words by Sirinuch Borsub