BOI Unveils Measures to Support Thai Entrepreneurs Amid Concerns Over US Tariffs

Bangkok: The Board of Investment (BOI) has raised concerns among investors regarding US tariffs, prompting the launch of measures aimed at supporting Thai entrepreneurs to adapt to these tariffs and the ongoing trade war. The initiative seeks to enhance the potential of Thai parts manufacturers to integrate into the global supply chain while accelerating business networking activities to expand both domestic and international markets. According to Thai News Agency, Mr. Narit Therdsathirasak, Secretary-General of the BOI, highlighted that since the US government announced its policy on retaliatory tariffs, investor concerns have intensified. Over the past two months, the BOI has engaged with various industry entrepreneurs to understand their challenges and devise strategies to mitigate impacts. Recently, under the leadership of Mr. Pichai Chunhavajira, Deputy Prime Minister and Minister of Finance, the BOI Board introduced a comprehensive set of measures titled 'Measures to Promote the Potential of Thai Entre preneurs to Support the New World.' These measures focus on increasing competitiveness and reducing risks from US trade policies, while maintaining a balance in business competition. The initiative comprises five key sub-measures. Firstly, it encourages Thai SMEs to improve efficiency by offering incentives such as a 5-year corporate tax exemption on investments aimed at enhancing efficiency. Secondly, measures promote the use of local content in the electric vehicle and electrical appliance industries, providing tax reductions for companies meeting local production criteria. The third measure focuses on ensuring material production processes align with international standards to mitigate risks from US trade measures. The fourth measure regulates investments in certain sectors to protect domestic industries, and the fifth aims to improve employment conditions for foreign personnel, promoting knowledge transfer to Thai workers. In addition, the BOI plans to propose further measures to assist entrepreneurs di rectly affected by US tariff increases, focusing on industries where Thailand serves as an export base to the US market. The measures are designed to help Thailand remain competitive globally and promote industries with high value addition. Mr. Narit emphasized the need for Thailand to develop strategic economic and investment policies to upgrade traditional industries and establish new industrial bases. He noted that the BOI's measures aim to help Thai entrepreneurs adapt swiftly and seize growth opportunities in the evolving global trade landscape.