Thailand has expanded a program offering tax incentives for companies serving as headquarters for subsidiaries throughout the region, hoping to spark more foreign investment to revive a sluggish economy.

At a Thailand Board of Investment briefing Tuesday, Deputy Prime Minister Pridiyathorn Devakula said the policy will lead the Thai economy into the next generation of growth. The new incentives were set up under his leadership. Though they were implemented at the end of April, Tuesday's meeting marked the first official explanation of the details.

In Thailand, international headquarters are defined as companies that manage domestic and foreign subsidiaries, handling areas such as business planning, research and development, marketing and human resources management. Businesses that serve financial management functions, including fundraising and procuring materials and parts, also qualify. Though the revised program covers both foreign and domestic companies, it is aimed at high-value-added industries that can help Thailand add to its technical know-how or foster talent.

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