The Board of Investment (BoI) has approved THB209.5 billion worth of infrastructure projects in Thailand. This includes the THB36.1 billion battery electric vehicle (BEV) project proposed by Horizon Plus Company, a joint venture (JV) company comprising Foxconn and PTT Public Company Limited (PTT). The board also approved additional incentives to encourage investments in smart industrial estates and smart technologies, including upgrades to existing industrial estates.
Promotional incentives for investments in the production of EV batteries have been awarded to a total of 16 projects with a combined investment value of THB4.82 billion. Three additional projects have been approved for investment in high-energy density batteries, totalling THB6.75 billion.
Investments in the development of smart systems for use in industrial estates and zones will now qualify for promotional incentives. Projects that are approved will receive an eight-year corporate income tax exemption, while those that are located in the Eastern Economic Corridor (ECC) will benefit from a five-year, 50 per cent corporate income tax cut.
Additional projects that were approved by BOI includes Asia Era One Company Limited’s THB162.3 billion high-speed rail (HSR) project linking the three airports located in Bangkok and the EEC, as well as IRPC Clean Power Company Limited’s THB2.83 billion expansion project for its cogeneration power plant.
