Thailand Approves New Incentive To Boost Industry 4.0 Transformation
Sumaira FH Published October 13, 2021 | 02:30 PM
BANGKOK, (UrduPoint / Pakistan Point News - 13th Oct, 2021 ) :Thailand's board of Investment (BOI) has approved measures to encourage companies to speed up their digital technology and automation adoptions to promote Industry 4.0 transformation.
The newly-approved measures will give eligible companies a three-year corporate income tax exemption covering all their investment for the Industry 4.0 upgrades, the Southeast Asian country's initiative to boost the competitiveness of its manufacturing industry.
Applications must be filed by the end of 2022, while companies that receive approval have to fully implement their upgrade plans within three years from the date of issuance of the BOI certificate, according to BOI secretary-general Duangjai Asawachintachit.
The new measure supplements the existing measures to support the adoption of automation systems and digital technology adoption, Duangjai said.
During the first nine months of the year, the BOI has received investment applications from both domestic and overseas investors totaling 520.7 billion Baht (about 15.7 billion U.S. Dollars), higher than those for the whole last year.
The number of project applications during the January-September period stood at 1,273, compared with 1,037 during the same period last year, indicating investors' sustained confidence in Thailand and in key targeted sectors, Duangjai said.
Among these investment applications, key target sectors include electric and electronics, the medical sector, petrochemicals and chemicals, agro-industry and the food sector, according to the BOI.
Recent Stories
Punjab CM Maryam Nawaz in police uniform at Chung police center
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 25 April 2024
Today Gold Rate in Pakistan 25 April 2024
Mired in crisis, Boeing reports another loss
Session Awarding Ceremony 2024 held at Cadet College Muzaffarabad
Austrian ski great Hirscher to make comeback under Dutch flag
Pakistan, Japan agrees to convene 'Economic Policy Dialogue'
FM Dar conveys deepest sympathy on torrential rains devastation in UAE
Spain PM Sanchez says weighing resignation after wife's graft probe
Tennis: ATP/WTA Madrid Open results - 1st update
Long-lost Klimt portrait auctioned off for 30 mn euros
Osaka seals first win on clay since 2022 in Madrid
More Stories From Miscellaneous
-
PDMA predicts gusty wind, rain with thunder, hails
2 days ago -
Iranian president Raisi given guard of honour at PM House
3 days ago -
Intellectuals, writers accolades Naseer Mirza on his literary contribution
4 days ago -
Bahawalpur Adabi Sangat hosts memorable mushaira
4 days ago -
Cattle farming vital to alleviate poverty in rural areas
4 days ago -
Pakistan: A land of tourism, archeological wonders
4 days ago
-
Transforming education sector: from job hunters to job creators
6 days ago -
Amjad Bobby remembered on 19th death anniversary for timeless contributions to music
10 days ago -
Legendary actor Nadeem’s 26 films released on Eid-ul-Fitr days in 50 years
11 days ago -
Besant Hall Cultural Centre to celebrate evening with Sanam Marvi on 26 April
11 days ago -
Radio Bahawalpur presents program “Eidi Shidi”
14 days ago -
Radio Bahawalpur to broadcast Eid programs
16 days ago