Page 86 - Introduction to Investment Laws in Thailand

Thailand development or not. The businesses under the strategic
promotion in the EEC act are;
1) "Next-Generation Automotive Industry;
2) Intelligent Electronics Industry;
3) High Wealth and Medical Tourism Industry;
4) Advance Agriculture and Biotechnology Industry;
5) Food Processing Industry;
6) Robotics Industry;
7) Aviation and Logistics Industry;
8) Biofuel and Biochemical Industry;
9) Digital Industry;
98
10) Comprehensive Healthcare Industry"
From the above, the new Eastern Special Development Zone Act B.E.
2561 (2018) changes legal rules on land for foreign investments. The main
changes are to give privileges to foreign investments with respect to land
ownerships and the extension of land lease agreements. In addition, they
receive privileges over the legal rules on land. There are several privileges
and benefits to foreign investments, they include the following:

1) Corporate income tax exemption up to 15 years,
2) Exemption of import duty on machinery, raw and
essential material used for export products and
products used for R&D
3) Financial incentives for investment in R&D,
innovation or human resources development in
targeted industries
4) Facilitation for visas and work permits for the
investors, employer, and staff and family of the staff
99
in the business

98 Eastern Special Development Zone Act B.E. 2561 (2018) section 39
99 Royal Thai Embassy, Washington D.C, 2021, Thailand Eastern Economic
Corridors,<http://thaiembdc.org/eastern-economic-corridor-eec/ >

74