The Ministry of Industry is working out a roadmap for investment in the development of bioeconomy in Thailand. The bioeconomy industry is one of the Government’s target industries and is part of the five future industries in the New S-Curve, under the Thailand 4.0 policy. Deputy Prime Minister Somkid Jatusripitak on 23 January 2017 presided over a ceremony for the launching of cooperation in building bioeconomy through the public-private-people partnership, or Pracharat.
As the world’s food needs grow, the agriculture industry needs transformation to match the demand. Thailand, one of the world’s biggest agricultural exporters, is under the global spotlight. Experts, economists and businesses are watching to see how Thailand transforms its agricultural landscape to meet this need.
Kundhavi Kadiresan says scientists can help boost food production in Asia – home of most of the world’s poor – and have already had their share of successes in India and Thailand.
Mrs. Hirunya Suchinai, Secretary General of the Board of Investment (BOI), revealed after the board meeting chaired by Prime Minister Gen. Prayut Chan-o-cha that in order to boost Thailand 4.0 and promote investment in 10 targeted industries, the board has approved the technology-based incentives to enhance the country’s technological competitiveness, details as follows:
1. Core technologies promotion measure: special package of incentives will be granted to projects focusing on developing the country’s targeted technology. Projects that obtain this package of incentive is required to have technology collaboration with educational or research institutes. The technology-based investment includes:
1.1) Investment on targeted core technologies which include Biotechnology, Nanotechnology, Advanced Materials technology and Digital technology
1.2) Investment on enabling services which include those high-value added services that support targeted technology development, namely research and development (R&D), vocational training institute (science and technology sectors), electronic design, engineering design service, science laboratory service, and
These 2 groups will be eligible for a 10-year corporate income tax (CIT) exemption and additional incentives for 1-3 years, altogether with no more than 13 years.
2. An exemption on duty of materials, such as prototype, plant or animal, used for research and development. 3. An adjustment of merit-based incentives: projects investing on technology and workforce development will be eligible to include the investment value for CIT exemption from up to 100% to 200%, while projects investing on research and development are eligible to a maximum of 300%
Moreover, the board also agreed to help BOI’s promoted projects affected by flooding in Southern area with a duty exemption on machinery imported to replace the damaged ones. The application form must be submitted by 29 December 2017.
Source: Thailand’s Board of Investment (BOI)
-Published in Smart International Consulting. See original article link here.
The GLP aggregated and excerpted this blog/article to reflect the diversity of news, opinion and analysis.
Chairman Dhanin Chearavanont said biotechnology will become a significant industry for mankind in the near future because people will live longer and need good food to support their better health.
The government is going in the right direction by including biotechnology in the 10 target industries to promote in clusters, he said.
The cabinet endorsed a plan in November to attract investment in the clusters after a Finance Ministry study found private investment had receded for a decade. The industries are next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
According to the Chairman, biotechnology would be used to develop and increase productivity of vegetables, fruits, chicken, pigs, fish and shrimp as well as health food that can help people to have longer lives.
–Written by Chatrudee Theparat, Bangkok Post via Genetic Literacy Project. See article link here.