The Thailand Board of Investment (BOI) at a meeting on June 13, 2022, approved a combined 209.5 billion baht (US$6.2 billion) worth of investment applications in manufacturing and infrastructure projects, including 36.1 billion baht by Horizon Plus Co., Ltd., a joint venture between Taiwan’s Foxconn and Thailand’s PTT PCL, to make battery electric vehicles (BEV). The BOI also approved enhanced benefits for investment in battery production, building on a policy to become Southeast Asia’s EV manufacturing hub. A set of improved incentives to promote investments in smart industrial estates and smart systems, including upgrades of existing industrial estates, were also approved.
“The roll out over the last three years of the measures to boost investment in EVs is already showing clear results,” Ms Duangjai Asawachintachit, Secretary General of the BOI, told reporters after the BOI meeting chaired by Prime Minister Gen Prayut Chan-o-cha. “By improving the incentives for battery production, an essential element of the industry’s transition, we hope to further strengthen the supply chain.”
