The government aims to boost economic growth in Thailand by providing incentives to encourage investment from both local and foreign investors. The main government agencies which, facilitate, monitor and control investment are:
1. Industrial Estate Authority of Thailand (IEAT)
This is the state enterprise which operates under the authority of the Ministry of Industry and which has the aim of implementing the country's industrial development policy. The IEAT plays a vital role in both industrial development and environmental protection, by developing suitable locations to collectively accommodate industrial properties in a systematic and orderly manner. The authority represents the government in spreading industrial growth across Thailand, using industrial estates as a primary tool. Factories located in industrial estates can apply for construction permits and factory licenses at the IEAT.
2. Board of Investment (BOI)
Another state enterprise operating under the Ministry of Industry, with the aim of promoting Thailand as a leading investment destination by attracting both local and foreign investors. Investment in Thailand is encouraged through both tax and non-tax related incentives. For instance, a foreign investor who would like to own industrial land and gain corporate tax exemption needs to get approval from the BOI.
In recent years, the Royal Thai Government, through the Board of Investment (BOI), has encouraged investors to open factories outside the Bangkok Metropolitan Region in an effort to decentralize development and achieve a more equitable distribution of income across the country. As a result, additional incentives are given to industries located in Zone 3, which comprises all the provinces outside the central region of the country.
Click here for more information on the Board of Investment (BOI)