Thai Overseas Investment Promotion. Chokedee Kaewsang Deputy Secretary General Thailand Board of Investment 6 March 2015

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1 Thai Overseas Investment Promotion Chokedee Kaewsang Deputy Secretary General Thailand Board of Investment 6 March 2015

2 Why Outward Investment? Why companies invest overseas Why government must support seeking Restructure country s economy Resource seeking Enhance industry competitiveness Efficiency seeking Generate National Income Technology/IP seeking Etc.

3 Target countries and industries (1/2) Target Countries Group 1: Myanmar, Indonesia, Vietnam, Cambodia, and Laos PDR Group 2: China, India, and other ASEAN countries Group 3: Middle East, South Asia, and Africa Priority Industries 1) Textile and Garment 2) Food and Agro-Industry 3) Automobile Parts 3

4 Target countries and industries (2/2) Industries Priority Industries Food and Agro Industry Automobile Parts Textile and garment Other Industries Health care and hospitality Construction and construction materials Electronic parts and equipment Agricultural machinery Plastic products Logistics e.g. distribution center, air transportation services, and etc. Leather goods Mining and quarrying Petrochemicals Energy and alternative energy Industrial zone Priority Country: Group 1 Cambodia Laos PDR Myanmar Vietnam Indonesia 4

5 Thailand s Measures to Support Outward Direct Investment Measures Protection of Investment Agreement for the Promotion and Protection of Investment with partner countries Fiscal Measures Double Taxation Agreement Tax exemption on dividends from offshore investment Financial Measures Long term loan Risk guarantee Capital outflow Providing Information/Investment Related Services Training Courses/Seminars Information Center/Investment Handbook Explore opportunities for overseas investment Consulting services Business matching Responsible Organization Ministry of Foreign Affair Ministry of Finance EXIM Bank/Commercial Banks Thai Credit Guarantee Corporation (TCG) Bank of Thailand BOI Ministry of Commerce Ministry of Foreign Affair Ministry of Industry Commercial Banks FTI etc.

6 BOI s Roles in Promoting Thai Overseas Investment Establish responsible body Provide information & Knowledge Explore investment opportunities Establish Thai Overseas Investment Promotion Division Establish Thai Overseas Investment Development Center to organize training course for Thai investors who want to invest overseas. Establish Thai Overseas Investment Information Center to provide information for investors with consultant team to guide Thai investors to invest in target countries In-depth study on investment opportunities in target industries Arrange seminars on investment opportunities on many issues e.g. laws and regulations of doing business overseas, market opportunity in interesting industries, etc. Provide information by BOI s local experts and consultants (mobile unit) in target countries, such as Myanmar, Vietnam and Indonesia. Organize investment missions to explore investment opportunities and discuss with government agencies overseas Coordinate problem solving Coordinate with other agencies to facilitate investment and solve problems for investors G2G cooperation with target countries to create business opportunities and reduce investor s obstacles 6

7 Thai Overseas Investment Information Center: toi.boi.go.th 7

8 Investment mission to explore Investment Opportunities (1) Vietnam 8

9 Investment mission to explore Investment Opportunities (2) Myanmar 9

10 Investment Seminars 10

11 Advisory services by expert from private sector 11

12 Training for Thai investors (TOISC) 12

13 Investment Incentives in CLMV 13

14 Major Investment Incentives: Cambodia Major investment Incentives granted to Qualified Investment Project (QIP) CIT exemption for up to 9 years (trigger period + 3 years tax holiday + priority period up to 3 years) Exemption from Minimum Tax (normally imposed at 1% of the annual turnover inclusive of all taxes except for VAT) Special tax depreciation rate of 40% for the first year of use of the asset in addition to the normal tax depreciation charge. Exemption from Import duty on imported machinery, equipment and raw materials Exemption from export tax except for activities as stipulated in laws in effect Losses can be carried forward for a maximum of 5 years. Other incentive schemes Incentive for Special Economic Zones 14

15 Major Investment Incentives: Laos PDR Major investment Incentives CIT exemption for 1 10 years based on location (4-10 years for projects located in zone 1, 2-6 years for zone 2, and 1-4 years for zone 3) Exemption from profit tax in the next accounting year, if the net profit derived from business activities is used for business operation Exemption from import duties on imported raw material, equipment, spare parts and vehicles which are directly used for production Exemption from export duties for exportation of general goods and products Loss can be carried forward for 3 consecutive accounting years Other incentive schemes Incentives for projects in education and health sectors Incentive for Specific and Special Economic Zones 15

16 Major Investment Incentives: Myanmar Major investment Incentives CIT exemption for 5 years Exemption or relief from customs duty and other internal taxes on imported machinery, equipment and raw materials Exemption from corporate income tax up to 50% of the profit accrued from export of goods Exemption or relief from commercial tax on the exported goods Exemption or relief from CIT on profit kept in a reserve fund and reinvested within 1 year since the reserve is made The right of foreign employee to pay personal income tax at the same rate applicable to Myanmar Citizen Deduction for expenses in respect of research and development Right to carry forward and set off losses up to 3 consecutive years within 2 year the loss is sustained Land lease up to 50 years plus 2 renewals of 10 years each Other incentive scheme Incentives for Special Economic Zones 16

17 Major Investment Incentives: Vietnam Major investment Incentives Preferential tax rate of 10%, 15% and 20% CIT exemption for the first 2 or 4 years 50% CIT reduction after the CIT exemption period expired Exemption from Import duty on imported machinery, equipment and raw materials Exemption from land rental from 3 years to the duration of the project Other incentive schemes Incentives given to BOT projects Incentives for Special Economic Zones Incentives for projects in high-technologies Incentives for projects in supporting industries Incentives for enterprises invested in agriculture and rural areas 17

18 Thailand-specific factors Firms in Thailand s competitive sectors are relatively small Thailand s export sector unlikely to drive OFDI Firms in Thailand s competitive sector such as food and hospitality are relatively small. (The largest firm in the food industry accounts for only 15% 18% of the revenue of the top regional firm) Our largest export sectors (electronics and motors accounts for 32%) are often part of transnational corporations (TNC) supply chain, therefore decisions do not rest entirely with Thai firms Limited numbers of Thai transnational cooperation Weaknesses in value chain suggest Thailand OFDI will not look like NIE countries No Thai firms are among the 100 regional non financial TNCs ranked by foreign assets compared to Malaysia (4), Korea (6), Singapore (8). NIE countries re located manufacturing functions overseas while keeping R&D, branding and marketing. Domestic banks tend to be localized Top 3 Malaysian banks foreign branches exceed 1400 v 50 for top 3 Thai banks Source: UNCTAD; MOC; BOT; Bloomberg; World Bank; literature review; BBL; KBANK; SCB; Maybank: CIMB; Public Bank; Advisor analysis 18

19 Example: IE Singapore s OFDI promotion eco-system Information provision and supporting service IE Singapore (IES) Financing PFI participating financial institution IE Singapore & IEH Singapore doesn t have an EXIM bank and is not planning to create one!. Extensive use of market mechanism PFI is a group of private banks providing loan via normal procedures but with IE s assistance in guaranteeing 70% of the loan. IE provides equity financing of 2:1 only if firms can raise equity from 3rd party 360º information provision IE provide extensive information and assistance to business on country basis (e.g. Brazil, Malaysia, China etc) and sector basis Seek opportunities for business by leveraging international network and foreign government policies Promotion of OFDI Training and development SPRING & IES Singapore business federation (Private) Leverage internal and external parties SPRING is a semi government agency providing training to SMEs and startups Private associations are leveraged to provide trainings and educate business Policy and G2G Ministry of Trade and Industry Economic Development Board Relationship & Contacts Cluster Group (IES) International Group (IES) Source: International Enterprise Singapore (IE Singapore); Interviews ; Advisor analysis Government proactive support Government sector take charge in creating suitable environment such as tax treaties and investors protection negotiation Provide essentials contacts Arrange roundtable meetings with potential business partners and relevant government agencies Maintain relationship with various associations for collaborations 19

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