With this in mind, and to maximise the use of economic zones (including Votre adresse e-mail ne sera pas publie. It is a major global supply chain supplier and trading partner of North America, Europe, China and Japan. [51], A passenger-only ferry service from Pattaya to Hua Hin began operation on 12 January 2017 but is no longer in operation.It was operated by Royal Passenger Liner. Chiang Rai Special Economic Zone 5. We are a premier corporate services firm specialising in providing everything foreign entrepreneurs and established companies need to successfully start and manage their new business in Thailand. Security Policy In addition to infrastructure and utilities, the government has promoted private sectors participation in development of those areas by renting land plots in SEZs to private companies for industrial parks or facilities development to support investors. Challenges for Local Economy in the Special Economic Zones. Benefits and Investment Promotion Measures. To learn more about cookies, click here. For more information, please visit www.boi.go.th. Eligible investors from, agriculture and fisheries, textiles, furniture, gems and jewelry, electronics, automobiles and parts, logistics, industrial estates, tourism, ceramic industries, plastics, medicines, and medical equipment. (2nd Project), Amata City Rayong I.E., Pinthong Industrial Estate, Pinthong Industrial Estate (Laem Chabang), Pinthong Industrial Estate (3rd Project), Pinthong Industrial Estate (4th Project), Pinthong Industrial Estate (5th Project), TFD I.E. Dan, 10 sub-districts in Muang district: Gu Ru Ku, The launch of the digital free trade hub is part of Thailands efforts to position itself as one of Southeast Asias key logistics centers for trade and e-commerce. Ferries capable of carrying vehicles are projected for 2020. [50], The Ministry of Transport's plan to extend Motorway 7 (Bangkok-Chon Buri-Map Ta Phut) to connect U-Tapao International Airport with seaports and the Bangkok metropolitan area is aimed at integrating land transportation. It leads to expansion of opportunities essential for growth and to poverty reduction and shared prosperity. In other words, this will help strengthen Thailands competitiveness in a sustainable way and create security, well-being and a better quality of life for people living in border areas. At the same time, other businesses, especially SMEs outside SEZ, will also reap the benefits from this measure. 28 October 2017. Enter your email address to subscribe and receive notifications of new posts by email. . The SEZ policy was first launched in 2015 based on the governments belief in the strong potential of the 10 areas to connect with the neighboring countries in terms of trade, economy and investment. The SEZs in Thailand are categorised into two phases; the first phase, which started in 2015 and the second phase in 2016. The special zones will also help strengthen the countrys competitiveness in trade and investment in border areas. In December 2022,[10] the Thai government approved a 1.35 trillion baht ($44 billion) plan to develop the Eastern Economic Corridor (EEC) into a regional financial hub and a world-class smart city by 2037. News article summaries are extracted from their sources, as guided by fair-use principles and are copyrighted by their respective sources. These include an exemption from corporate income tax for eight years, with a possibility to extend for another five years; double tax deductions for transportation, electricity and water costs; and an exemption from import duties on machinery and raw materials involved in the manufacturing of products for export. Thailand has embraced the significance of nurturing its cities and boasts remarkable progress in social and economic development over the past four decades, transforming from a low-income to an upper-middle-income nation. [6] Japan rescued the project by providing a modest 178.8 billion yen (US$1.6 billion) in loans, underwriting the construction of 16 projects: ports, roads, waterworks, and industrial parks. Free Economic Zones in Thailand: The Ultimate Guide It was established on 15 May 2019 by the Eastern Special Development Zone (2018) Act and replaced the Eastern Economic Corridor Office. The Don MueangSuvarnabhumiU-Tapao high-speed railway will connect Don Mueang International Airport, Suvarnabhumi Airport and U-Tapao International Airport. [5] The Thai government approached the World Bank for funding, but was turned away as, in the eyes of the bank, the project lacked "economic rationality". Discussing potential future investments for Rayong city, Vice Mayor Phusit Chaichum shared his thoughts: One of the things that this city can attract besides tourism is the automobile industry. Exclusive economic zone of Thailand - Wikipedia : +66 2553 8111. Cities play a crucial role in driving economic growth, acting as hubs for income generation, job creation, and improved living standards. Khon Kaen, situated at the heart of Thailands Northeast region, is one of the nations most rapidly expanding cities. Related News BUSINESS INTELLIGENCE Privileges such as, one-stop service provision, reduced taxation, and priority access to foreign labour are promised to businesses that invest in these zones. The World Bank Group works in every major area of development. which will Thanks to the growth in exports and the flourishing tourism industry, Thailand achieved a record current account surplus, equivalent to USD 48.2 billion in 2017. [30], The EEC Policy Committee approved promotional zones in two categories:[31], There are currently 26 industrial estates and 2 industrial clusters in the Eastern Economic Corridor (EEC) of Thailand. PowerPoint presented at College of Interdisciplinary Studies of Thammasat University, Lampang Campus. Read more. Otherwise for businesses that are not qualified for BOI promotion and wish to operate in a SEZ, they may apply to the Revenue Department for a reduction in corporate income tax from 20% to 10% for 10 years, subject to conditions., For more information, please visit BOI website at www.boi.go.th. Nakhon Panom Special Economic Zone consists of 13 Benefiting from the strong trend are businesses and investors running business in the Special Economic Zones (SEZ) in 10 provinces around Thailand, including Tak, Mukdahan, Sa Kaeo, Trat, Songkhla, Chiang Rai, Nong Khai, Nakorn Phanom, Kanchanaburi, and Narathiwat. However, the Special Economic Zone Act is still in draft form. and Don Tarn, 3. Songklah Like many cities in the developing world, those in Thailand often operate within constricting institutional and fiscal frameworks, confronting infrastructure backlogs and a heavy reliance on funding from higher levels of government. 26 industrial estates: WHA Rayong Industrial Estate, Eastern Seaboard I.E. Gorioux can assist you from A to Z for the creation of your business in Thailand. This led to Thailand formulating Border Economic Development Action Plans to transform existing transportation corridors in the region into genuine economic corridors.2. Exemption of import duties on machinery, - Exemption of import duties on raw and essential materials used in manufacturing for export for a period of 5 years, - This work and any original materials produced and published by Open Development Thailand herein are licensed under a CC BY-SA 4.0. Permission for unskilled foreign workers; Must be a project with the type of business being promoted at the time of application submission and ready to comply with the conditions specified by the type of business; Must have a minimum capital of at least 1 million baht (excluding the cost of land and working capital); Must invest in new machines for the whole production line; Must have a debt to registered capital ratio of no more than 3:1 in. Rental rate: Lease term of 50 years and may be extended for another 50 years, rental rate/rai/year (Increased by 15% every 3 years); Leasing fee: 5-year installments, payable in the 6th - 10th year. This is intended to reduce income disparities, as well as improve quality of life of citizens who live there. With supporting environment for both large and small investors, we are building stronger economy with inclusive growth, said Ms. Duangjai. permission to own land and permission to bring in Somsak shared his insights, stating, Urban development in the city only started in 2019, and the focus was previously only on basic infrastructure. It leads to the expansion of opportunities that are essential for growth, poverty reduction, and shared prosperity. SEP for SDGs Partnership; ASEAN and Dialogue Partners; Thailand's Anti-Human Trafficking Actions; Thai Business Information Center; Visiting Thailand. experts to work, - The zone was established on 17 January 2017, at the direction of the National Council for Peace and Order (NCPO), with the mission of promoting economic integration across the (Eastern seaboard). 2 industrial clusters: Next-Generation Automotive Banpho and E-Commerce Bang Pakong. Trat Special Economic Zone 9. Incentives that are given for BOI general activities located in the SEZs listed on the Announcement on the Board of Investment No. Somsak encourages more urban centers to take the initiative in shaping their city maps and designs, taking ownership of their development trajectory. The 220 kilometre line will consist of 181 kilometres of elevated track, eight kilometres of underground track, and two kilometres of surface track. (link to another sub-page on specific issues), Special Economic Zone Act and Related Laws, Guidelines and Measures for the Development of Special Economic Zones in Border Areas of Thailand, Journal of Investment Promotion, 25th Year, Issue 11. . It is focused on industries such as agriculture, furniture, gems, electronics, plastics, medicine, tourism, and more. Lets find out more in-dept information about special economic zones. var divElement = document.getElementById('viz1533272193632'); var vizElement = divElement.getElementsByTagName('object')[0]; vizElement.style.width='800px';vizElement.style.height='427px'; var scriptElement = document.createElement('script'); scriptElement.src = 'https://public.tableau.com/javascripts/api/viz_v1.js'; vizElement.parentNode.insertBefore(scriptElement, vizElement); The development of SEZs at the border regions of Thailand has been facilitated by several legislative changes regarding SEZs (link to a sub-page on legal issues). The consortium will have the right to operate and manage the rail line for 50 years after which project assets will revert to the government. Special economic zones (SEZs) are special areas that support trade and investment opportunities across the borders of Thailand. In this case, the BOI will provide up to five years of CIT exemption (with 100 per cent cap of investment capital of the investment in SEZ, excluding land and revolving capital). Investing in SEZs also provide investors with tax and non-tax incentives, one-stop service provisions, access to foreign workers and infrastructure development. Mae Tow, Ta Sai Luad, Phra That Pha Dang, Mae Gasa, Mae Pa, Mae Ku and Mahawan. Lineage: Various sources. The Eastern Special Development Zone Policy Office (ESDZPO) is the governing body of the Eastern Economic Corridor. [3], The Eastern Seaboard Development Programme (ESDP) was initiated as part of the Fifth Economic and Social Development Plan of Thailand (19821986). Currently, the development of SEZs is one of major state policies and is not an easy task to implement. Provinces situated near the borders will be able to access natural resources and cross-border trade routes between Thailand and neighbouring countries. . World Banks East Asia and Pacific Economic Update forecasted strong GDP growth in CLMV countries with Cambodia leading the group with 6.8% GDP growth, followed by Laos of 6.7%, Malaysia of 5.2% and Thailand of 3.5% for example. This is neither a commercial research service nor a domain managed by any governmental or inter-governmental agency; it is managed as a private non-profit open data/open knowledge media group. 4 sub-districts in Wanyai District: Bang Sai The experiences and empirical evidence from OECD countries underscores the importance of empowering cities and local governments for a country's competitiveness and economic development. Moreover most free zones have a one-stop-shop to register the company easily, and obtain all necessary permits and licenses. [53], The Eastern Economic Corridor is served by two ports: Laem Chabang Port and Map Ta Phut Port. Perks for 7 EEC zones to be introduced soon - Bangkok Post The Eastern Special Development Zone Policy Office (ESDZPO) is the governing body of the Eastern Economic Corridor. The creation of the company can be done in 4.5 days instead of 27.5 days. (link to another sub-page on specific issues). Most of the target industries are labor-intensive ones, including garment, agricultural and agricultural processing, fishery, furniture, logistics distribution center, bonded warehouses and tourism. Each of SEZ has a clear infrastructure development plan, ranging from roads to dual-track rails, airports, public utilities (water, electricity), and customs services. Feel free to schedule a consultation with Acclime for more information. As part of this order, six sub-committees were established to take responsibility for the following portfolios at both the national and regional levels.4. Like other investment packaged offered to investors, the government offers both tax and non-tax incentives. Learn how your comment data is processed. The country is becoming the gateway to Asia and the region of the worlds greatest economic growth. But what we are actually doing is laying down the entire citys structure so that many other projects can emerge from a good base. In the case of submitting an application on behalf of a juristic person: Address: Office of the Board of Investment555 Vibhavadi Rangsit Road, Chatuchak District, Bangkok 10900, Tel. To address these challenges, Thai cities and their central government agencies are actively seeking innovative financing solutions for urban infrastructure. Tax measures Target activities: 8-year corporate income tax exemption and 50% reduction for another 5 years; General businesses are divided into: - Groups A1-A2: 50% reduction of corporate income tax for an additional 5 years; - Groups A3-A4 and B: additional 3-year corporate income tax exemption. After the 2014 coup, the NCPO announced the creation of a special economic zone (SEZ) called the Eastern Economic Corridor (EEC) with a budget of 1.5 trillion baht (US$43 billion) over its first five years. Copy of the latest year's financial statements (if any). Immigration and Customs; Tourism Information. No country has grown to riches without changing the geographic distribution of its people and production.. This site uses cookies to optimize functionality and give you the best possible experience. Assisted by the World Bank, cities in Thailand and their corresponding government bodies are investigating innovative methods to secure funding for the advancement of urban infrastructure. Songklah: Sadao, Samnak Kham, Samnak Taew, Padang Bazar, 6. ** Group A2 infrastructure activities for the countrys development using advanced technology to create value-added, with no of very few existing investments in Thailand. Baan Dai, Pong Ngam, Pong Pha, Mae Sai, Vieng Pang Kam, Sri Muang Chum, Huay This bustling city is a commercial and export nexus for the broader Indo-China region. Suradech pointed out that the majority of the 4.6 billion baht budget allocated for developing cities goes mostly to Bangkok and its neighboring regions. Understanding special economic zones (SEZs) in Thailand - Acclime Thailand Privacy Policy | Additional 50% corporate income tax exemption for 5 years. Still . Years Economic Growth (GDP, ann. Trains on the route will operate at maximum speeds of 250 kmph. [44] To support this goal, the state government and private sector have developed a project plan to construct an airport with two 3,500-meter runways and 124 aircraft stands, along with supporting facilities such as an MRO Complex, an Aviation Training Center, and a Ground Transportation Center. Information is publicly posted only after a careful vetting and verification process. In case the investors establish a Trading and Product Development Center outside SEZs, the investors must also invest at least one project in SEZ in parallel. Special Economic Zone (SEZ) Investment Guide - THAILAND.GO.TH As part of this order, six sub-committees were established to take responsibility for the following portfolios at both the national and regional levels. Since 2014, the committee has progressed the development of the 10 SEZs in Thailand as follows: Establishing SEZs in each of the 10 provinces in phase 1 and 2 of the Development Plan. Chinese Tourist Arrivals in Thailand This Year Reach 1 Million sub-districts with border areas in 2 districts in Sa Kaew, 3 sub-districts in Aranyaprathet District: Ban Disclaimer: Open Development Thailand will thoroughly review all submitted resources for integrity and relevancy before the resources are hosted. Sri Bun Ruang, Mukdahan, Bang Sai Yai, Kam Ar Huan and Na Si Nuan, 4 sub-districts in Wanyai District: Bang Sai Phase two of the SEZs includes five provinces, 12 districts and 55 sub-districts.
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