The Thailand Board of Investment (BOI) has added five more ‘Food Innopolis’ locations and designated these sites as the BOI-approved science and technology zones.
The move is part of the government’s initiative to make Thailand a global food innovation hub.
BOI has already approved eight Food Innopolis sites.
Activities such as plant and animal breeding, research and development, and scientific testing services will qualify for investment promotion.
BOI secretary general Duangjai Asawachintachit said: “Investment projects in the targeted industries and located in any of the 13 Food Innopolis locations will receive additional privileges on top of the normal package of five to ten years of corporate income tax exemption depending on the type of business.
“These top-up privileges comprise a 50% corporate income tax deduction for five years or an additional two years of corporate income tax exemption.”
The announcement was made after a board meeting, which was chaired by the Thailand Prime Minister Prayut Chan-ocha.
New Food Innopolis sites were included based on the proposal of the Thailand Ministry of Higher Education, Science, Research and Innovation.
The new sites will be located at Thammasat University, King Mongkut University of Technology Ladkrabang, Ubon Ratchathani University, Walailak University and Naresuan University.
BOI anticipates that the inclusion of new sites would further enhance the network of Food Innopolis and would complement the previously approved sites.
Earlier sites approve by the BOI are located at the Thailand Science Park in Pathum Thani province, Chiang Mai University, Khon Kaen University, Prince of Songkhla University, Kasetsart University, Chulalongkorn University, Mahidol University, and the King Mongkut University of Technology Thonburi.
Asawachintachit further added: “This arrangement aims to help drive Thailand towards its goal of becoming a global food innovation hub.”
Additionally, BOI has announced investments in various other projects, such as an electric vehicle (EV) charging stations, gas power plant and other projects.
