In April 2020, Thailand’s Board of Investment of Thailand (BOI) approved a series of measures aimed at mitigating the impact of the coronavirus or COVID-19 outbreak on business, including steps to encourage rapid investment in the manufacturing of medical equipment.
To address the increased demand for medical equipment and supplies resulting from the outbreak, the BOI approved amendments to BOI-eligible businesses and enhanced benefits related to the medical sector with a view to accelerating investment in the production of important medical equipment and supplies. Moreover, support will also be given to the modification or transformation of existing production lines to increase the domestic availability of medical supplies. Examples of the measures include tax holidays, temporary relaxation of investment conditions, and increased support to R&D.
Moreover, the BOI also approved a project application from Mitsubishi Motors (Thailand) Co, Ltd to upgrade the company’s existing car production line at Laem Chabang Industrial Estate for the production of electric-powered cars. The project will allow the production of 39,000 vehicles per year, consisting of approximately 9,500 Battery Electric Vehicles (BEV) and about 29,500 Hybrid Electric Vehicles (HEV). The production, which will start in 2023, will aim at the local market and exports to other ASEAN countries.
(Sources: Board of Investment, Thailand; Bangkok Post)