Thailand aims to extend corporate tax cuts and hatch other investment incentives to reorient its economy toward more sophisticated manufacturing, the country's economic czar said.
Thailand will encourage the consolidation of research, development and production for key industries in select areas to promote innovation, Deputy Prime Minister Somkid Jatusripitak told The Nikkei. Somkid came into office following an August cabinet shake-up and is now the nation's economic policy leader.
Bringing it all together
Economic czar Somkid Jatusripitak talks about tax breaks to advance Thailand's industries to a higher level. (Photo by Hiroshi Kotani)
New investment incentives will target four of Thailand's core industrial clusters: automobiles and autoparts, electronics and communications equipment, information technology, and chemical products. The policies are seen focusing specifically on next-generation tech, including electric cars and biodegradable resins.
Somkid has called for specific geographic areas to act as development and production centers for each cluster. Seven provinces, including Rayong in the east, would concentrate on electronics and automobiles. The northern province of Chiang Mai and the southern province of Phuket would handle IT, while two other provinces would focus on chemical products.
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