Why Thailand. & Business Opportunities. Duangjai Asawachintachit Deputy Secretary General Thailand Board of Investment (BOI)

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1 Why Thailand & Business Opportunities Duangjai Asawachintachit Deputy Secretary General Thailand Board of Investment (BOI) September 11, 2013 Rome, Italy 1

2 Why Thailand & Business Opportunities Duangjai Asawachintachit Deputy Secretary General Thailand Board of Investment (BOI) September 12, 2013 Milan, Italy 2

3 Thailand-not just a great place for holidays

4 At the Center of Asia Thailand is the World s 17th largest manufacturer 20 th largest exporter of goods 33 th largest economy Source: Economist Fact Book ASEAN s 2 nd largest economy

5 Thai Economy: Sophisticated World s 10 th biggest car marker (2.5 m cars manufactured in 2012) Regional hub for auto electronics, consumer goods, processed food Upper middle income country with growing middle class

6 Thailand at a Glance Population Total population : 65.9 mil Labor force 2012 : 39.4 mil GDP Growth 2012 : 6.4% 2013(Forecast) : % Export Growth 2012 : 3.2% 2013(Forecast) : 6.5% Inflation 2012 : 3.0% 2013(Forecast) : % ASEAN 2011 Population (Mil) GDP at current prices (Mil.USD) 2,178,148.1 GDP Growth (%) 4.7 GDP Per Capita (PPP) (USD) Inter. Merchandise Trade (Mil.USD) 5, ,388,592.3 Sources : Fiscal Policy Office and ASEAN

7 Thailand s Extensive FTA Network Thai-EU ASEAN-Korea ASEAN-China Thai-India JTEPA ASEAN-Japan ASEAN-India BIMSTEC ASEAN Thai-Peru Thai-Chile 11 FTA Agreements RCEP Thai-Australia ASEAN-CER Thai-NewZealand In Effect Under negotiation finalized Source: Department of Foreign Trade as of August 22, 2013

8 Thailand: the Crossroads of ASEAN Statistics of AEC members in 2012 Year 2012 Population (Millions) GDP (USD Billion) FDI (USD Million) Indonesia ,853 Philippines ,797 Vietnam ,368 Thailand ,607 Myanmar ,243 Malaysia ,074 Cambodia Lao PDR Singapore ,651 Brunei Total 607 2, ,294 Source: UNCTAD 8

9 Singapore 11 Finland 2 Hong Kong 12 Malaysia 3 New Zealand 13 Sweden The World Bank Ranks Thailand among the easiest places to do Business in Asia and 18 th in the World 4 United States 14 Iceland 5 Denmark 15 Ireland 6 Norway 16 Taiwan 7 United Kingdom 17 Canada 8 Korea, Rep 18 Thailand 9 Georgia 19 Mauritius 10 Australia 20 Germany Source: Doing Business 2013, October 25, 2012

10 2013 World Bank s Ease of Doing Business Survey World Bank Ranks Thailand among the easiest places to do Business in Asia and 18th in the World

11 No restrictions on foreign currency 100% foreign ownership LIBERAL INVESTMENT REGIME No export requirements No local content requirements

12 Prime Office Occupancy Costs US$/sq ft/annum Source: CBRE Prime Office Occupancy Costs, Q1/2013 as of June 24, 2013 US$1=Bt29.89 and A$1=Bt29.57 in Q2, 2013

13 Infrastructure Development Programs Investment allocation for infrastructure development programs Total: 67 billion US$ Unit in USD Million 13

14 Infrastructure Development Programs Infrastructure Development Programs: Investment profile Financial Budget (USD Million) 18,000 16,000 14,000 12,000 10,000 9,765 14,215 15,701 12,401 8,000 6,000 5,002 5,728 4,000 2,000 0 Calendar Year 7 3, Year Contingencies Million USD 7 5,002 9,765 14,215 15,701 12,401 5,728 3, %

15 ASEAN Corporate Income Tax % 25% 20% 15% 10% 5% 0% Singapore Thailand Vietnam Malaysia Indonesia Source: KPMG

16 BOI s Attractive Investment Incentives Tax Import duty exemptions/ reductions Corporate Income Tax/ Exemption for 3 to 8 years Non-Tax Land ownership rights Work permit & visa facilitation 50% reduction of corporate income tax for up to 5 years Double deduction on utility costs Deductions for qualifying infrastructure costs

17 ASEAN Business Outlook Survey 2014: Economic Outlook P R O F I T O U T L O OK Source: AMCHAM ASEAN Business Outlook Survey 2014 as of Aug 23, 2013

18 BOI Zoning and Incentives Zone: Incentives: Lower Higher Import Duty Privileges Outside I.E Inside I.E Zone 1 50% Reduction 50% Reduction Zone 2 50% Reduction Exempt Zone 3 Exempt Exempt Corporate Income Tax Outside I.E Inside I.E Zone 1 No Privilege 3 years Zone 2 3 years 7 years Zone 3 8 years 8 years

19 Major BOI Incentives Schemes Decentralization Incentives vary according to zones Priority activities 8-year corporate income tax exemption and exemption of import duties on machinery regardless of location Optional incentive scheme Skills, Technology and Innovation (STI) Special temporary measures (Until Year-end 2013): Investment Promotion Policies for Sustainable Development 19

20 Investment for Sustainable Development Application submission deadline: December 31, Special incentives for 3 groups of targeted activities 1) Manufacture of eco-friendly material and product, e.g. bioplastics 2) Energy saving and alternative energy 3) High technology activities e.g. industrial electronics, electronic parts for vehicles, biotech, nano-tech, functional fiber etc. Incentives Exemption of import duties on machinery 8-year exemption of corporate income tax with no cap 5-year 50% reduction of corporate income tax on net profit 10-year double deduction of transportation, electricity and water supply costs deduction from net profit of 25% of investment in infrastructure installation and construction costs in addition to normal capital depreciation 20

21 Regional Operating Headquarters Benefit For portion of income from OVERSEAS OPERATIONS 0% CORPORATE INCOME TAX for 15 years Key Conditions Benefit For portion of income from LOCAL OPERATIONS 10% CORPORATE INCOME TAX for 15 years Benefit For income of EXPATRIATE EMPLOYEES 15% PERSONAL INCOME TAX for 8 years Key Conditions - In 1 st fiscal year, have one operating company in another country; a second within 3 rd year; a third within 5 th year - Have annual expenses in Thailand of Bt15 million, or have invested at least Bt30 million in Thailand - By end of 3 rd year, 75% of ROH personnel to be qualified staff, and 5 persons earning at least Bt2.5 million annual salary and benefits per person In addition to conditions for income from overseas and local operations: - Income generated from services to overseas companies must be at least 50% of total revenues - All companies must be real operating companies with a physical presence and staff

22 UNCTAD Survey Top Ten Prospective Host Economies for Source: UNCTAD Investment Prospect Survey, based on 159 company responses Country Rank China 1 USA 2 India 3 Indonesia 4 Brazil 5 Germany 6 Mexico 7 Thailand 8 UK 9 Japan 10

23 Comparison of Net Foreign Applications for Investment 2011 vs 2012 Number of Projects Number of Projects 1, , Services Chemical E&E Auto Fashion Minerals Agro Euro Billion Amount Invested Source: BOI, as of Jan 18, =Bt39.03 in Q2, 2013

24 Number of Projects Comparison of Net Foreign Applications for Investment Number of Projects % (Jan-Jul) vs 2013 (Jan-Jul) (Jan-Jul) 2013 (Jan-Jul) Services Chemical E&E Auto Fashion Minerals Agro Euro Billion Amount Invested -10.3% (Jan-Jul) 2013 (Jan-Jul) Source: BOI, as of Aug 19, =Bt39.03 in Q2, 2013

25 Foreign Direct Investment Applications % Euro Billion Total Japan EU ASEAN USA. Italy Source: BOI, as of June 21, 2013 Exchange rate: 1=Bt39.36 in Q1, 2013

26 Foreign Direct Investment Applications (Jan-Jul) 2013 (Jan-Jul) Euro Billion % Total Japan ASEAN China EU Hong Kong Source: BOI, as of Aug 19, =Bt39.03 in Q2, 2013

27 Italian Investment 27

28 Trend of Italian Applications 60 Value No.of Projects Euro Million (Jan- Jun) Source: BOI, as of Aug 6, 2013 Exchange rate: 1=Bt39.03 in Q2, No. of Projects

29 Italian Investment Applications Totals by Sector: (Jan-Jun) Sector Projects Million Agricultural Products Minerals and Ceramics Light Industries/Textiles Metal Products and Machinery Electric and Electronic Products Chemicals and Paper Services TOTAL Source: BOI, as of Aug 6, 2013 Exchange rate: 1=Bt39.03 in Q2, 2013

30 Italian Companies in Thailand

31 Sectors of Opportunity Agriculture and food processing Biotechnology Target Industries Automotive Machinery Target Industries Alternative energy Electronics & Electrical Appliances Mold & Die Gems & Jewelry

32 Thailand Automotive Industry As of Aug 1, 2013

33 Automotive Industry Thailand: Automotive Hub of Asia 10 th largest automobile producer in the world in assemblers with a combined production of more than 2,000,000 in 2012 High Local content of up to 90% Target of 3 million units in 2017

34 World s Automotive Production 2012 Thousands 20,000 16,000 12,000 8,000 19,272 10,329 9,943 World s Production: 84 Million THAILAND: 2.45 Million #10 in Worlds Automotive Production #1 in ASEAN for Automotive Production 4,000 5,649 4,558 4,145 3,343 3, ,479 2,454 2,232 1,979 1,968 1,577 1,179 Source: OICA and Thailand Automotive Institute as of Aug 1, 2013

35 Car Production & Share, 2012 Growth +42% Total ASEAN 2011: 2.99 million units 2012: 4.23 million units +68% +27% +7% +16% -27% Source: ASEAN Automotive Federation(Automotive Summit 2013) as of June 24, 2013

36 Structure of Thai Automotive Industry Assembler (14 car companies, 7 motorcycle companies) 100,000 workers Foreign J/V LSEs 450,000 workers Tier 1 (Total 709 Companies) Tier 2,3 (1,700 Companies) Foreign Majority 54 % Thai Majority 23 % Local Suppliers Pure Thai 23 % SMEs [* LSEs : Large Scale Enterprises SMEs : Small & Medium Enterprises] Source: Thai Autoparts Manufacturers Association and BOI as of Aug

37 Thailand s Automotive Industry in (Jan-Jun) 2013 (Jan-Jun) Growth (%) Production (Unit) 2,460,414 1,069,142 1,340, Passenger Car 964, , , Commercial Car 43,816 20,428 29, One ton pick up 1,452, , , Export (Unit) 1,020, , , Export (Bt Million) 484, , , Domestic Sales (Unit) 1,434, , , Passenger Car 692, , , Commercial Car 66,027 30,657 37, One ton pick up 675, , , OEM Export value (Bt Million) 216, , , Source: Thailand Automotive Institute as of July 31, 2013

38 Estimate Production Capacity in 2015 Brand 2012 Projected Capacity 2015 Toyota 818, ,000 Ford & Mazda 500, ,000 Mitsubishi 400, , ,000 Isuzu 220, , ,000 Honda 240, ,000 Nissan 240, ,000 Suzuki 135,000 65, ,000 GM 160, ,000 Others 80,000-80,000 TOTAL 2,675, ,000 3,058,000 Forecasted by TAI Feb 2012

39 Million Thailand s domestic sales and exports, E Sources: The Federation of Thai Industries (FTI) as of Feb 12, 2013

40 Thai automotive industry: ASEAN Hub Light Truck (1 ton Pick up) Eco Car Global supplier Automobiles & parts regional R&D center 3 rd Milestone 3 million units 1 st Milestone 1 million units Rank 15 th 2 nd Milestone 2.45 million units Rank 10 th

41 As of June 10, 2013 Rubber Processing Industry

42 Production of Rubber Products 2011 Q1, 2013 Year Growth (%) Q1, 2013 YOY Car tires (mil.unit) Truck and bus tires (mil.unit) Motorcycle/Bicycle tires (mil.unit) Truck and bus inner tubes (mil.unit) Motorcycle/bicycle inner tubes (mil.unit) Retreads (unit) 84,146 97,062 26, Rubber gloves (mil.pieces) 11,835 12,017 3, Primary processed rubber (million tons) Source: Industrial Economics Information Center, Office of Industrial Economics as of June 3,, 2013

43 Food Industry As of July 4, 2013

44 Thailand: Top Agricultural Product Exporter World s # 1 Cassava Exports World s # 2 Sugar Exports World s $# 3 Fishery Exports World s # 6 Rice & Grains Exports Source: National Food Institute 2012

45 Food Safety Standards Thai food factories must apply for GMP, ISO, HACCP, TQM, Water footprint and Carbon footprint. For food exports, BRC, IFS, and SQF must be applied. Agricultural Commodity and Food Standards (ACFS) Good Manufacturing Practice(GMP) Good Hygienic Practice (GHP) ISO (Safety on Food Supply Chain) *BRC (British Retail Consortium) *IFS (International Food Standard) SQF* (Safety Quality Food) Source: National Food Institute (NFI) as of July 20, 2011

46 Halal Market Fast expansion in the current Halal market Economic factor Market demand factor Thailand s Halal market is reliable Fast expansion of the Muslim population; one in four people in the world now is Muslims, with most living in Asia. There are approx. 2 billion Muslims, accounting for 30% out of the total 6.8 billion world population, according to Pew Research Center. In 2025, Muslim population will be rising to 30% of the world population reflecting the huge demand for Halal food. In China, there are more than 30 million Muslim people, accounting for 2.3% of the world population. In Europe, there are 30 million Muslim people, which include 5 million in the UK, 4.2 million in France and 3.5 million in Germany* Source: NIA / Chiangmai Research Center, Jan 25, 2010, * Logistics Digest,March 2011, World of Halal Seminar 2011, May 27, 2011

47 Food Processing Equipment An abundance of investment opportunities in machinery used in the packaging of agricultural products, such as filling, closing, sealing, wrapping and labeling machines. 381 million (Bt15.22 billion) was spent in 2012 on importing machinery into Thailand for this purpose, and 30 million (Bt1.18 billion) was spent on machinery for the preparation of meat and poultry. Source: Ministry of Commerce, as of Jan 28, =Bt39.96 in 2012

48 Agro-industry Machinery Needs Thailand needs to continually improve to remain competitive and meet increasing international standards Large, growing markets for: Farm machinery Food processing machinery BOI priority 8-year income tax holiday for food processing and farm machinery (no cap) Source: Investor s Guidebook

49 Gems and Jewelry Sector Bangkok Gems & Jewelry Fair, ranks among the top such fairs in the world. World s #1 exporter of silver jewelry World s #2 exporter of semi-precious stones. World s #3 exporter of precious stones Source: Gem and Jewelry Institute of Thailand, 2012

50 Bangkok - Asia s New Gem and Jewelry Center Gem and Jewelry Institute of Thailand Test Laboratory Accredited by the World Jewelry Confederation 1) Certified written grade reports for sapphires, rubies, and diamond, 2) Determination of geographical origins for sapphires, rubies, emeralds 3) Gem and Jewelry Training Center - Courses in Diamond Grading, Gem and Jewelry Business, and an FGA-Gemologist Diploma Program Annual GIT International Gem and Jewelry Conference

51 FACTORY IN THE PARK PRIME location PRIME advantage FREE ZONE FOR ALL: - Gold, diamonds, gems, jewelry & related products - Fashion industry & high value products - Medical equipment / accessories - Telecommunication / IT / Computers / Electric & Electronic accessories - Sport equipment / accessories - Stationery & toys PRIME facilities and infrastructure Source:

52 Exports of Pearls, Precious Stones, Jewelry Euro Billion (Jan- Jul) Source: Ministry of Commerce, as of Aug 27, 2013 Exchange rate: 1=Bt39.03 in Q2, 2013

53 Gems and Jewelry Exports, (Jan-Jul) (Jan-Jul) 2013 (Jan-Jul) % Growth HONG KONG 2, , , , U.S.A , , SINGAPORE , GERMANY U. ARAB EMIRATES ITALY OTHERS 5, , , , , TOTAL 9, , , , , Source: MOC units: Million, as of Aug 27, 2013 Exchange rate: 1=Bt39.03 in Q2, 2013

54 BOI Incentives: Production Related to the Gems and Jewelry Industry Rights & Benefits: Projects located inside a gems and jewelry industrial estate or promoted gems and jewelry industrial zone shall be granted: 1.1 Exemption from import duty on machinery regardless of zones. 1.2 Exemption of corporate income tax for Zone 1: 5 year tax holiday Zone 2: 7 year tax holiday Zone 3: 8 year tax holiday 1.3 Other privileges will be granted according to BOI Announcement No.1/2543 dated August 1, Projects located outside gems and jewelry industrial estate or promoted gems and jewelry industrial zones shall be complied to standard incentives according to zones Source: Guide to BOI 2010

55 Bangkok - Asia s New Gem and Jewelry Center Gem and Jewelry Institute of Thailand Test Laboratory Accredited by the World Jewelry Confederation 1) Certified written grade reports for sapphires, rubies, and diamond, 2) Determination of geographical origins for sapphires, rubies, emeralds 3) Gem and Jewelry Training Center - Courses in Diamond Grading, Gem and Jewelry Business, and an FGA-Gemologist Diploma Program Annual GIT International Gem and Jewelry Conference

56 Renewable Energy

57 Alternative Energy Development Renewable Energy ( 9,198 MW) Plan (AEDP) AEDP , targeting to replace 25% of total fossil-fuel consumption with RE at the end of Solar power Wind power Hydro power MSW Biomass Biogas 2,000 MW 1,200 MW 1,608 MW 160 MW 3,630 MW 600 MW New forms of RE (3 MW) Geothermal energy 1 MW Wave and Tides 2 MW Source: Ministry of Energy, as of April 2012

58 Economic transition from labor intensive to knowledge-based is creating great demand As of Mar 4, 2013

59 Opportunities in Machinery Thailand continues to industrialize, but is dependent on foreign industrial machinery for immediate future. High demand for: Food and farm machinery Alternative energy/energy conservation machinery Textile machinery Automotive production machinery Mould & Die Industry

60 BOI Services 60

61 Special Business Units One Start One Stop Investment Center (OSOS) 21 agencies from 10 Ministries in one location provides services and advice on business establishment in Thailand One-Stop Center for Visas and Work Permits BOI, Department of Employment and Immigration Bureau process applications or renewals of visas and work permits within three hours, assuming all required documents are provided. The center is right next to OSOS. BOI Unit for Industrial Linkage Development (BUILD) BUILD assists foreign buyers wishing to source from Thai suppliers and arrange participation of Thai manufacturers in trade shows and exhibitions abroad. 61

62 BOI SUPPORT SERVICES Investment Matchmaking Program 1-Stop for visas & work permits: work permits in 3 hours Industrial Subcontracting Services Vendors meet customers program (BUILD Unit) ASEAN Supporting Industry Database Interaction with other govt. agencies on behalf of investors Country desks Overseas offices 62 62

63 More Convenience, less time, more efficiency! 18th Floor, Chamchuri Square Building 319 Phayathai Road, Pathumwan Domestic Call: , Inter. Call: (66 2)

64 Where to contact BOI in Europe? Paris Thailand Board of Investment Ambassade Royale de Thailande 8, Rue Greuze, Bat. B, 3eme etage, Paris, France Telephone: +33(0) (0) Fax: +33(0)

65 Thank you 65

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