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Thailand Investment Review Magazine of BOI (November issue)

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overview of Thailand e-commerce by Pawoot Pongvitayapanu

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Thailand Investment Review Magazine of BOI (November issue)

  1. 1. Lazada’s “One Stop Shop” A Thriving E-Commerce Success e-commerce in thailand skyrocketsNEW BOI POLICIES CREATE A DYNAMIC INVESTMENT CLIMATE FOR INVESTORS PRIME MINISTER PRAYUT CHAN-O-CHA PLEDGES FULL SUPPORTTOBOI'SNEWINVESTMENTPROMOTIONPOLICIES thailand board of investment www.boi.go.th Thailand Investment Review November 2015 vol. 25 no. 11 PMPrayutstressestheneedtoboostThailand'sinvestmentcompetency amid accelerating regional integration manufacturer e manufacturer g institutes cluster b government and research private organizations centers b ggoovovveerrnmm prrriivvavaattteee orrg ananuufacfactactactactcttfaf urureurerurerurerrererr ggg manufacturer f manufacturer d manuanunuum factfactfactfactf urureurerurerrercccct ee cccclllcccclccccclllccccrr cccccccccccccccc manufacturer c institutes government and private organizations research centers manufacturer a manufacturer b pp institutes cluster c research government and private organizations centers pp manufacturer i manufacturer h mananufaaufactuctuctucturrerrerrer g privpp mmmmmamanufacturer i ccenterte ss manufacturer J government development developmentincentives support cluster a mmanufacturer a mamanuunufafafafafaafaccctctctcttururururururureeeerr
  2. 2. THAILAND INVESTMENT REVIEW02 NOVEMBER 2015 TIR boi net application (jan - sep 2015) BY ECONOMYBY ECONOMY BY target sector TOTAL INVESTMENT 758 Projects 4,363 m Digital 67 Projects 25 M logistics n/a n/a human resource 2 Projects 1 M environment 2 Projects 14 M value-added agriculture 12 Projects 209 M Intl. Business Hub 71 Projects 41 M tourism 2 Projects 6 M science, tech & innovation 46 Projects 115 M Alternative Energy 24 Projects 422 M Other target sectors : 3 projects (28 M) TOTAL Foreign INVESTMENT 408 Projects 2,095 M usa 14 projects 189 m netherlands 10 projects 61 m china 42 projects 339 m thailand singapore 67 projects 497 m malaysia 10 projects 32 m indonesia 2 projects 441 m hong kong 23 projects 83 m TAIWAN 21 projects 63 m JAPAN 118 projects 358 m SOUTH KOREA 21 projects 49 m page Cover Story : Prime Minister Prayut Chan-o-cha Pledges Full Support To BOI’s New Investment Promotion Policies 03-04 Special Issue : New BOI Policies Create A Dynamic Investment Climate For Investors 05-06 Industry Focus : E-Commerce in Thailand Skyrockets 07 Company Interview : Lazada’s “One Stop Shop” : A Thriving E-Commerce Success 08-09 News Bites 09 BOI’s Missions and Events 10 Thailand Economy-At-A-Glance 11 About BOI 12 Unit : US$ (US$ = 35.70 THB ) Note: Investment projects with foreign equity participation from more than one country are reported in the figures for both countries / Statistics on net applications are adjusted whenever applications are returned to applicants due to insufficient information. CONTENT TIR NOVEMBER 2015
  3. 3. THAILAND INVESTMENT REVIEW 03 NOVEMBER 2015 TIR cover story PrimeMinisterPrayutChan-o-cha Pledges Full Support To BOI’s New Investment Promotion Policies In a recent seminar entitled “Thailand Moving Ahead with Cluster Development,” more than 2,000 foreign and Thai nationals gathered at the Queen Sirikit National Convention Center to hear Prime Minister General Prayut Chan- o-cha’s discourse. Affirming the Government’s willingness to boost the country’s economy and level of development ‘from within,’the Prime Minister also offered his support to the BOI’s new investment policies geared towards attracting foreign investors to establish new businesses in Thailand. A p a n e l of experts discussed the BOI’s latest investment promotion package and welcomed questions from the public. Its members included Minister of Industry Dr. Atchaka Sibunruang, BOI Secretary General Mrs. Hirunya Suchinai, Deputy Secretary General of National Science Technology and Innovation Policy Office Mr. Kitipong Promwong and Deputy Director- General of the Fiscal Policy Office Dr. Warotai Kosolpisitkul. Following up on his visit to the 27 th ASEAN Summit in Kuala Lumpur, General Prayut emphasized the on-going process of regional integration, particularly the symbolic establishment of the ASEAN single market. He stressed its possible implications for Thailand’s economic architecture and the need to enhance the country’s investment competency. The prospects appear hopeful.ASEAN’s single market and production base characterized by the less restricted movements of goods, services and labor is projected to bolster foreign investment in the years to come. The cluster policy is expected to play a crucial role in helping Thailand keep up with the fast-paced socio- economic development happening in its neighboring nations. Not only will the policy facilitate the businesses of existing and new investors inThailand, but it is also expected to benefit the locals living in investment areas and raise their standard of living. For now, implementation is key. That will require many related Government agencies to collaborate, with the Ministry of Industry acting as the principle coordinator.As these agencies lay the foundation for the policy to be realized, the long-term expectation is that these investment promotion schemes will operate General Prayut called the BOI’s cluster development policy ‘the biggest change in the nation’s investment promotion measures in twenty years.’
  4. 4. THAILAND INVESTMENT REVIEW04 NOVEMBER 2015 TIR smoothly regardless of whoever comes into power after the elections. The Prime Minister highlighted Thailand’s key competencies, such as its strategic location at the center ofASEAN and its abundance of local resources, especially agricultural products, that could greatly benefit from more research and the integration of advanced technologies. The cluster development policy along with the border-focused special economic zones (SEZs) is expected to play a critical role in creating a favorable atmosphere for further investment, aided by advantageous tax and non- tax incentives wherever applicable. General Prayut also reiterated the Government's efforts towards making it easy for investors to start businesses in Thailand, with the assistance of the One Start One Stop Investment Center (OSOS) that helps with expediting the necessary procedures. In 2015, 1,923 projects were approved by the BOI from January to October, with a total capital investment of 693,637 million baht (USD 19,539 million). The amount is expected to significantly contribute to the betterment of both the public and private sectors. Emphasizing the plan to move the country forward to a more prominent global position through investment acceleration, General Prayut stated that the Government would not leave anyone behind in the process and that all interconnected sectors would share the benefits. General Prayut’s opening remarks and keynote speech was followed by a lively panel discussion on the topic ‘Cluster Development Incentive Packages.’ Four panelists briefly elaborated their respective strategies and shared their personal views with the public on their approach to implementing the various investment promotion packages. The panel members identified three important objectives of the cluster development policy - strengthening industrial value chains, attracting value added investments and creating more business opportunities. The Minister of Industry Dr. Atchaka Sibunruang, expressed a strong desire to specifically promote nine provinces that fall under the Super Cluster package. Investors are encouraged to focus on these industries, to boost the standing of individual provinces and bolster internal connectivity. The Secretary General of the BOI Mrs. Hirunya Suchinai, summarized the advantages of various incentives for the industrial cluster. Investors whose projects qualify to be under the Super Cluster will enjoy an 8-year corporate income tax exemption and an additional 5-year tax reduction of 5 0 % . D e p u t y Director-General of the Fiscal Policy Office Dr. Warotai Kosolpisitkul, also indicated the ministry’s willingness to grant 10-15 years of Super Cluster includes automotive and parts, electrical appliances, electronics and telecommunication equipment, petrochemical and eco-friendly chemical products, digital cluster, food innopolis and medical hubs. corporate income tax exemption. The ministry can additionally offer personal income tax exemption of 15% that applies to both Thai and foreign renowned specialists. The Deputy Secretary General of National Science Technology and Innovation Policy Office Mr. Kitipong Promwong, also took this opportunity to highlight the benefits of the Talent Mobility Program. This project aims to mobilize researchers in Government agencies and higher education institutions towards industrial sectors, giving them the authority to work either full-time or part-time. Up to now, around 117 researchers and 86 research assistants have been mobilized into 56 projects in 54 companies. Not only does this advance their academic careers but it also upgrades their technological know-how, ultimately boosting Thailand’s competitiveness. Thailand’s future prospects will focus on mutually beneficial projects and investment acceleration that raises industry standards overall. Existing and future investors that take advantage of this golden opportunity can avail all the tax benefits that the BOI offers until December 2016.
  5. 5. THAILAND INVESTMENT REVIEW 05 NOVEMBER 2015 TIR special issue New BOI Policies Create A Dynamic InvestmentCreate A Dynamic Investment Climate For InvestorsClimate For Investors B2 B1 a4 a3 a2 a1 1. Competitiveness enhancement 2. decentralization 3. industrial area development activity-based incentives merit-based incentives + Recently the BOI and the foreign chambers of commerce in Thailand met to discuss the BOI’s latest promotion policies. Mr. Stanley Kang, Chairman of the Joint Foreign Chamber of Commerce in Thailand was present along with Mrs. Hirunya Suchinai, Secretary General of the BOI and Deputy Secretary Generals, Ms. Ajarin Pattanapanchai, Ms. Duangjai Asawachintachit and Mr. Chokedee Kaewsang. The officials discussed the impact of the new BOI policies that aim to inject new life into Thailand’s investment climate, effective from January 2015 to 2021. The BOI’s major thrust with these new policies, is to support the Government’s efforts towards creating a more progressive economy, by awarding numerous benefits to investment projects based on the level of technology involved. To that end, the BOI aims to promote activities that greatly benefit the country while reducing labor intensive and low value projects. To entice more investors, the BOI has split its tax incentives into Activity-based incentives and Merit- based incentives and made them more attractive. For instance, projects under theA1 category involving knowledge- based activities focusing on research and development (R&D) will gain the most incentives.Activities in the other categories will get appropriate benefits depending on whether they call for infrastructure development, advanced technologies, or if they’re important to the value chain. Investors can also apply for Merit- based incentives if they are willing to get involved in specific activities. For instance, investments that involve research, technology development and innovation will gain an additional cap of 200%. Businesses will also benefit if they happen to be in one of the 20 identified poorest provinces. Any projects located in industrial estates will gain additional year of corporate tax exemption. An exciting development here is the abolishment of zone-based promotions in favor of planned special economic zones (SEZs) that consider the potential and needs of each area. Border SEZs aid logistic businesses and labor-intensive businesses that utilize raw materials sourced from border areas or countries close by. Ten such SEZs have been identified, scattered along the border of Thailand. Not only will developing these SEZs boost the local economy and establish a better economic bond with neighboring countries, but it is also expected to smoothen Thailand’s entry into ASEAN. Cluster-based SEZs are the second category, involving businesses located inland and future-industries that incorporate minimum labor, advanced technologies and R&D. By concentrating investments in the targeted clusters, the BOI hopes to make the most of an area’s regional potential while strengthening the value chain.Acombination of an area approach and a sector approach is used to identify Cluster-based SEZs; these can further be subdivided into 2 types, Super Clusters and other clusters.
  6. 6. THAILAND INVESTMENT REVIEW06 NOVEMBER 2015 TIR Applications for gaining approval for the BOI cluster package incentive need to be submitted to the BOI by the end of 2016, with revenue generation being demonstrated by the end of 2017. Businesses don’t have to complete their entire investment by the end of 2017, but they do need to have their first invoice by that time. These activities have major tax incentives such as an import duty exemption on machinery and an 8-year corporate income tax exemption as well as an additional 5-year reduction of 50%. International specialists hired to work in these areas can also look forward to being exempted from personal income tax. Agro-processing, textiles and garments will fall under other clusters category. They qualify for a 3-8 year corporate income tax exemption and an additional 5-year reduction of 50%. By promoting cluster development, the BOI hopes to encourage the use of advanced technologies and eco-friendly technologies. Non-tax incentives for both cluster types generously includes granting permanent residence to important specialists as well as giving permission for foreigners to own land. TogainapprovalfortheBOICluster incentive packages, businesses will have to qualify under the classified, eligible BOI categories. For example, to fall under the automotive and parts cluster, a project has to involve the manufacture of automobile engines, automobile tires, engine parts and motorcycles (except less than 248 cc engine displacement). Secondly, it’s important for the project to be physically located in the designated province for that cluster. Continuing with the automotive cluster example, the project would need to be in one of 7provinces –Ayuttaya, Pathumthani, Chonburi, Rayong, Chacheongsao, Prachinburi,Nakorn Ratchasima. Businessescan also co-operate with academic and research institutions in the designated areas. Options include participating in mutually beneficial programs like work-integrated learning, talent mobility, co-operative education, research and more. For instance, the talent mobility program aims to mobilize qualified researchers from the public sector to the private sector for a certain period of time, in order to solve the issue of inadequate manpower in the science and technology fields. Businesses that utilize this program will be able to borrow the right experts for a few years, to work in their own R&D projects, establish production standards or solve technical problems. Those choosing the option of work-integrated learning can provide long-term training to appropriate schools within a factory setting. By doing this, businesses will not only upgrade the skills of the Thai work force but they will also be providing the industry with manpower that possesses the right skills. It’s also possible for interested investors to apply for investment acceleration measures. If investors are willing to speed up their investment, they can expect to gain an additional 1-4 years of tax holidays. The number of years granted depends on how quickly the investment is made within a certain period of time. Businesses that want to qualify for this measure, will have to submit their applications before June 30, 2016, begin operations and obtain an income within 2017. The BOI laid out all this and more to the Chamber members present at the event. JFCCT officials expressed a desire to see more tax incentives for service-based companies, especially when compared to the benefits enjoyed by companies in the manufacturing sectors. Mrs. Hirunya Suchinai, pointed out that service-oriented companies were already quite favored, given that service-related activities comprised 16 to 20% of the existing categories. At its heart, the new BOI policies encourage the use of advanced, alternative energy-based and environment-friendly technologies that establish a spirit of innovation and create value. The BOI expects its comprehensive investment strategy to usher in a fresh and more dynamic era in Thailand’s investment atmosphere.
  7. 7. THAILAND INVESTMENT REVIEW 07 NOVEMBER 2015 TIR industry focus WHY INVEST IN THAILAND ATTRACTIVE SEGMENTS Thailand is ranked first in theASEAN countries in B2C. Its e-commerce value reached 11.7 billion USD in 2014 Source: EDTA Source: NECTEC, DAAT Source: EDTA [Billion USD] [Billion USD] 1 2 3 ACCOMMODATION SERVICES MANUFACTURINg NEWS INFORMATION & COMMUNICATION 17.5 12.3 7.4 E-commerce industry overview E-COMMERCE INDUSTRY VALUE 2015 KEY DRIVERS 40.8% of Thailand’s population had access to the internet in 2014 44.6 million mobile internet users in 2015 Development in e-commerce infrastructure e.g. e-payment and e-logistics [Billion USD] The business-to-business category was the largest contributor to e-commerce sales in 2015, followed by business-to-consumer and business-to-government sales. b2bb2c b2g 19.1 % 21.5 57.0 59.0 22.5 % 58.4 % Source: EDTA (2014, 2015) and NSO (2013) Note: Exchange rate 1USD = 35.7 THB 2013 2014 2015 (p) ABOUT THE INTERVIEWEE Mr. Pawoot Pongvitayapanu is the President of Thai E-commerce Association and also the founder and Managing Director of Rakuten TARAD.com Co., Ltd., the biggest e-commerce service in Thailand. e-commerce in thailand skyrockets 2015p ThedotcomindustryinThailandiscurrentlyexperiencing unprecedented growth. In this issue, successful e-commerce entrepreneur, Mr. Pawoot Pongvitayapanu, shares his vast expertise on this emerging market. The president of the Thai E-commerceAssociation expressed his confidence in Thailand’s e-commerce progress and elaborated on the key drivers spurring this exceptional growth. Thailand’s e-commerce business is expected to reach 59 billion USD this year alone, greatly exceeding figures reached in previous years. Some of the key drivers of Thailand’s e-commerce growth include a rapidly expanding Thai population coming online, a higher adoption of smartphones and the development of e-commerce infrastructures. The use of smartphones as shopping devices is a relatively new trend in Thailand (m-commerce) and the availability of affordable devices has led to a higher number of internet users which has in turn facilitated online trading. Members of the older generation are turning to the internet too, increasing the overall number of Thai internet users. Mr.PongvitayapanualsosharedhisthoughtsonThailand’s infrastructure development and the various business opportunities in the e-commerce industry. The development of e-commerce infrastructure has greatly contributed towards expanding the industry. Thailand saw a rapid growth in broadband users after the introduction of third-generation (3G) wireless broadband and their numbers are only expected to increase with the introduction of fourth-generation (4G) wireless broadband. 1 thailand 11.7 2 malaysia 9.6 3 singapore 3.45 4 vietnam 2.97 5 indonesia 2.6 Additionally, the emergence of new logistics providers in Thailand and the greater variety of electronic payment (e-payment) options not only facilitates the buying process but also enables consumers to shop online more conveniently. Mr. Pongvitayapanu also highlighted the presence of large business gaps in e-commerce infrastructure that include logistics and fulfillment services, such as storage and delivery services. These gaps have to be filled to help the e-commerce industry become more robust.
  8. 8. THAILAND INVESTMENT REVIEW08 NOVEMBER 2015 TIR Company interview LAZADA’s “One Stop Shop”“One Stop Shop” A Thriving E-Commerce SuccessA Thriving E-Commerce Success WhenonlineretailcompanyLazada first entered Bangkok in 2013 to take advantage of Thailand's rapidly growing e-commerce segment, little did they expect to become Thailand’s number one online marketplace with sales figures skyrocketing through the roof. It's an impressive track record, especially when you consider that 99% of the population in South East Asia still prefer to shop offline. Lazada has made shopping simple and fun for the Thai consumer with a customer friendly website and an easy-to-use mobile application. ASuccessfulBusinessModel Their unwavering focus on customer convenience is central to why they expect to see e-commerce jump to 4% to 5% of total shopping in a country where only about 1% of the population shop online. By leveraging their core competencies, Lazada has grown to be an e-commerce tycoon, gradually expanding their online business in Thailand, Indonesia, Malaysia, Philippines, Singapore and Vietnam. The entire South East Asian market represents a massive customer base of over 550 million people and it’s a market that’s still largely untapped. To take advantage of this growing customer base, Lazada has wisely modeled itself after dot-com giants like Amazon andAlibaba, minimizing their processing times while maximizing "Last year, Lazada had around 1,200 SMEs on their site. In July, the number spiked to 6,000. A current forecast predicts over 10,000 SMEs joining the platform by the end of 2015." customer convenience.Their unique “One Stop Shop” leverages their key strengths, displaying more than 800,000 diverse products online. They also offer their customers a 24/7 shopping arcade, a high security payment system and a solid guarantee of customer satisfaction. Moving onwards to new horizons, Lazada is looking forward to being the leading e-commercesolution in targetedcountriesas well as being the primary online platform of choice for on- line sellers. J u s t l i k e any other online retailer, Lazada's key strategic growth direction involves steadily attracting more online customers. They've implemented initiatives to not only widen their product range, but to also make their online platform more reliable in order to promote customer confidence. As more and more customers gravitate to shopping online, Lazada stands to benefit by being an early player in the entire e-commerce space. E-commerce Industry Potential in Thailand In addition to providing a convenient shopping window for consumers, the burgeoning online market presents a whole host of exciting opportunities for various Thai Small and Medium-Sized Enterprises (SMEs). Numerous startups have experienced dynamic success online by offering a wide range of products, but their logistic services fall short. If SMEs were to offer a professio- nal platform similar to Lazada, they could poten- tially expect their path to success to be smooth sailing. Currently, Lazada has partnered with 8 logistics providers throughout Thailand, with Thailand Post being one of their key supporters. They're also taking dynamic measures to ensure their future success, such as utilizing a case study of Amazon's processes. They aim to improve their processing time from 2 days to 2 hours to match Amazon’s standards and also plan
  9. 9. THAILAND INVESTMENT REVIEW 09 NOVEMBER 2015 TIR Lazada Co., Ltd.is owned by the German company called Jade 1326 GmbH & Co Vierte Verwaltungs KG, a subsidiary of European e-commerce giant, ‘Rocket International GmbH’. Lazada’s online e-commerce store provides a viral marketplace for common consumer goods such as CDs, online games, movies, music & software, books & magazines, electronics & computers, home, garden & tools, grocery, health & beauty, toys, kid & baby, sport & outdoor, automotive & industrial, clothing, and shoes & jewelry. G e t t i n g T o K n o w ‘Lazada’ Lazadahas experienced a tenfold growth in sales since its inception. Presently, it offers over 800,000 products on its online platform. to enhance their warehouse and packaging processes. Similar to the “Fulfillment by Amazon” measure, sellers will be able to pool their products in Lazada’s warehouse. This central platform will help Lazada package and deliver goods to customers in a reliable and timely fashion. It's not only S M E s t h a t stand to benefit from the largely unexploited e - c o m m e r c e space in Thailand. Tremendous job opportunities have opened up in Thailand's local dot-com industry. Lazada has been rigorously engaged in recruiting personnel, through both online channels and roadshows at Universities. Given the exceptional growth potential that exists in e-commerce in Thailand, experienced professionals can expect to play an important role in driving the entire industry forward. Toencourageforeign investors, the Thailand Board of Investment plans to offer numerous attractive incentives to support t h e r a p i d growth of this industry. The businesses could be poised to make use of these advantages, and can expect toemerge as one of the key players inThailand's budding e-commerce space. Draft Cooperation Framework On Thai-Chinese Railway Development Project The Thailand cabinet approved a draft cooperation on November 17, 2015 for the Thai-Chinese railway development project. It covers the construction of 1.435-metre standard gauge railways along two routes, namely the Nong Khai-Nakhon Ratchasima-Kaeng Khoi route and the Bangkok-Kaeng Khoi-Map Ta Phut route. Collectively, the routes will cover a total distance of 867 kilometers and totally cost 350 billion THB. Thailand and China plan to take six months to analyze the project and evaluate the worthiness of the investment before submitting the project for Cabinet approval. Construction is tentatively expected to start in May 2016. Infrastructure Project Approvals Under Fast-Track PPP The Government has put five infrastructure projects worth 334 billion THB on the front burner, under the fast-track public-private partnership scheme. The projects include three mass-transit development routes in Bangkok, costing 194 billion THB and two inter-city highways with a combined 140 billion THB price tag. A recently issued mandate requires these public works to commence in the second half of 2016. NEWS BITEs Dr Th Let The BOI Support Your Online Success Lazada Co., Ltd. has been supported by the new investment promotion measures (2015-2021) under the activity 5.8 E-Commerce Business, which is in the B2 category of activity-based incentives. BOI measures granted include non-tax incentives, e.g. permission to bring in skilled workers and experts to work in projects, permission for majority or total foreign ownership, etc. For further information and support, please contact Office of the Board of Investment.
  10. 10. THAILAND INVESTMENT REVIEW10 NOVEMBER 2015 TIR BOI missions and events BOI Secretary General, Mrs. Hirunya Suchinai and the Mayor of Hamamatsu City, Mr. Yasutomo Suzuki, signed the MOU on cooperation to promote and support investment between the BOI and Hamamatsu City. The MOU signing ceremony was held on 19th October 2015 at the OSOS in the presence of Thailand’s Minister of Industry, H.E. Dr. Atchaka Sibunruang and the President of JETRO’s Bangkok office and Chief Representative for ASEAN and South Asia, Mr. Masayasu Hosumi. BOI Deputy Secretary General, Ms. Duangjai Asawachintachit, welcomed the Deputy Premier ofTasmania, Mr.Jeremy Rockliff and the Thailand Trade Mission from Tasmania,Australia on 19th October 2015 at the OSOS and gave a presentation on the new BOI investment policy. BOI Deputy Secretary General, Ms. Duangjai Asawachintachit, welcomed Senior Trade Commissioner, Mr. Greg Wallis and the Australian Trade Commission Delegation (Austrade) on 3rd November 2015, at the BOI headquarters and gave a presentation on the new BOI investment policy. BOI Executive Director of the Eastern Region Investment and Economic Centre, Mr. Chanin Khaochan, together with BOI Mumbai Director, Ms. Kanokporn Chotipal and Thailand BIOTEC representative, Dr. Panit Kitsuban, led a mission to Bangalore, India, from 21st - 26th September 2015. The mission’s activities included seminars and visits to Indian companies in pharmaceutical, biotechnology as well as automotive industries. H.E. Minister of Industry, Dr.Atchaka Sibunruang, along with BOI Secretary General, Mrs. Hirunya Suchinai and BOI executives, exchanged views with entrepreneurs in various fields such as automotive and parts, electrical and electronics, petrochemical and environmentally friendly chemicals, and digital economy, about the new investment promotion policy on cluster development at the One Start One Stop Investment Center (OSOS), Chamchuri Square, from 2nd – 13th November 2015.
  11. 11. THAILAND INVESTMENT REVIEW 11 NOVEMBER 2015 TIR thailand ECONOMY-AT-A-GLANCE population (2014) asean population (2014) minimum wageliteRacy rate 67.7 million 96 % 300 baht/day625 million gdp by sector 2014 TOP 10 EXPORTS (JAN-SEP 2015)thailand export value gdp/capita 2014 gdp growth (%yoy) $ 224.8 billion TOTAL EXPORT VALUE (2014) $ 24.6 billion TRADE BALANCE (2014) 58.8% CAPACITY UTILIZATION (SEP 2015) 2.5 ± 1.5 % HEADLINE INFLATION (2014) $ 15.4 billion CURRENT ACCOUNT BALANCE (2014) $ 157.1 billion INTERNATIONAL RESERVES (2014) 86.8% MANUFACTURING PRODUCTION INDEX (SEP 2015) 107.26 HEADLINE CONSUMER PRICE INDEX (2011=100) corporate income tax withholding tax value added tax 2014 2015 (Projected) 10 - 20 % 1 - 10 % 7 % $ 5,519.4 0.9 % 3.5 % - 4.5 % ¥$ 35.70 thb 39.56 thb 55.30 thb 0.30 thb 5.68 thb € £ 1. Motor cars, parts and accessories (24.5%) 2. Computer parts and devices (16.6%) 3. Precious stones and jewelry (11.0%) 4. Plastic beads (8.0%) 5. Refined fuels (7.9%) 6. Electronic integrated circuits (7.3%) 7. Rubber products (6.7%) 8. Machinery and parts thereof (6.6%) 9. Chemical products (6.3%) 10. Iron and steel and their products (5.0%) 1 2 34 5 6 7 8 9 10 $ 72.8 billion demographics gross domestic product export figures other economic indicators average exchange rates ( as of 2 nov 2015 ) tax rates $ 373.8 billion 12 % 45 % 43 % agriculture industry services $ Source : The Revenue Department Source : Bank of Thailand, Ministry of Commerce and World Bank Source: WTO, Ministry of CommerceNote: *2009-2014 CAGR, 2015(P) figure projected by NESDB Source : World Bank, NESDB Source : World Bank Source : Bank of Thailand 0.25 2010 2011 2012 2013 2014 2015 p 0.20 0.15 0.10 0.05 - 10.35 %* [ TRILLION USD ] total investment growth (%yoy, first 9 months) 2014 2015 -4.4 % 3.7 %
  12. 12. THAILAND INVESTMENT REVIEW12 NOVEMBER 2015 TIR about boi boi overseas offices HEAD OFFICE, OFFICE OF THE BOARD OF INVESTMENT 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900 Thailand Website : www.boi.go.th Email : head@boi.go.th The Office of the Board of Investment (BOI) is the principal government agency that operates under the Prime Minister's Office for the purpose of encouraging investment in Thailand. We at the BOI serve as the professional contact points for investors, providing them with useful investment information and services. We offer business support and investment incentives to foreign investors in Thailand, including tax and non-tax incentives.Afew non-tax incentives include granting land ownership to foreigners and facilitating visas and work permits. Besides serving the needs of overseas investors, we also offer consultation services to Thai investors who are interested in investment opportunities abroad. Beijing Thailand Board of Investment, Beijing Office Royal Thai Embassy No.40 Guang Hua Road. Beijing, 100600, P.R.China Tel. : +86 10 6532 4510 Fax : +86 10 6532 1620 Email : beijing@boi.go.th New York Thailand Board of Investment, New York Office 7WorldTrade Center, 34th FL.,Suite F 250 Greenwich St., New York, NY 10007 USA Tel. : +1 212 422 9009 Fax : +1 212 422 9119 Email : nyc@boi.go.th Stockholm Thailand Board of Investment, Sweden Office Stureplan 4C, 4th Floor, 114 35 Stockholm, Sweden Tel. : +46 8 463 11 58 +46 8 463 11 72 +46 8 463 11 74-75 Fax : +46 8 463 11 60 Email : stockholm@boi.go.th Frankfurt Thailand Board of Investment, Frankfurt Office Bethmannstr 58, 5.OG 60311 Frankfurt am Main Federal Republic of Germany Tel. : +49 69 9291 230 Fax : +49 69 9291 2320 Email : fra@boi.go.th Osaka Thailand Board of Investment, Osaka Office Royal Thai Consulate-General, Osaka, Bangkok Bank Bldg. 7th Floor 1-9-16 Kyutaro-Machi, Chuo-Hu Osaka 541-0056 Japan Tel. : +81 6 6271 1395 Fax : +81 6 6271 1394 Email : osaka@boi.go.th Sydney Thailand Board of Investment, Sydney Office Level 1, 234 George Street, NSW 2000, Australia Tel. : +61 2 9252 4884 Fax : +61 2 9252 2883 Email : sydney@boi.go.th Guangzhou Thailand Board of Investment, Guangzhou Office Investment Promotion Section Royal Thai Consulate-General, No. 36 Youhe Road, Haizhu District, Guangzhou, P.R.C. 510310 Tel. : +86 20 8385 8988 ext. 220-225 +86 20 8387 7770 (Direct Line) Fax : +86 20 8387 2700 Email : guangzhou@boi.go.th Paris Thailand Board of Investment, Paris Office Ambassade Royale de Thailande 8, Rue Greuze 75116 Paris, France Tel. : +33 1 5690 2600-1 Fax : +33 1 5690 2602 Email : par@boi.go.th Taipei Thailand Board of Investment, Taipei Office Taipei World Trade Center, 3rd Floor, Room 3E40,No.5, Xin-yi Road, Sec.5 Teipei 110, Taiwan, R.O.C. Tel. : +88 6 2 2345 6663 Fax : +88 6 2 2345 9223 Email : taipei@boi.go.th Los Angeles, USA. Thailand Board of Investment, LosAngeles Office Royal Thai Consulate-General 611 North Larchmont Boulevard, 3rd Floor,LosAngeles, CA90004 USA Tel. : +1(0) 323 960 1199 Fax : +1(0) 323 960 1190 Email : boila@boi.go.th Seoul Thailand Board of Investment, Seoul Office #1804, 18th Floor, Daeyungak Tower 25-5, 1-KA, Chungmu-Ro, Chung-Ku, Seoul, 100-706, Korea Tel. : +82 2 319 9998 Fax : +82 2 319 9997 Email : seoul@boi.go.th Tokyo Thailand Board of Investment, Tokyo Office Royal Thai Embassy, 8th Floor., Fukuda Building West, 2-11-3Akasaka, Minato-ku,Tokyo 107-0052 Japan Tel. : +81 3 3582 1806 Fax : +81 3 3589 5176 Email : tyo@boi.go.th Mumbai Thailand Board of Investment, Mumbai Office Royal Thai Consulate-General, Express Tower, 12th Floor, Barrister Rajni Petel Marg, Nariman Point, Mumbai, Maharashtra 400021 Tel. : (91 22) 2204 1589-90 Fax : (91 22) 2282 1525 Email : mumbai@boi.go.th Shanghai Thailand Board of Investment, Shanghai Office Royal Thai Consulate General 2nd Floor, 18 Wanshan Road, Changning District,Shanghai 200336, P.R. China Tel. : +86 21 6288 3030 ext. 828, 829 Fax : +86 21 6288 3030 ext. 827 Email : shanghai@boi.go.th los angeles new york stockholm frankfurt paris mumbai tokyo osaka guangzhou shanghai sydney beijing seoul taipei thailand headquarterS

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