Thailand's Board of Investment Offers Incentives to Enhance Human Resource Development and Support Educational Institutions

BANGKOK, Jan. 8, 2020 /PRNewswire/ -- The Thai government has launched the economic vision known as Thailand 4.0 and a series of strategies to support the Eastern Economic Corridor or EEC, a digital hub of Southeast Asia covering three provinces outside Bangkok. To achieve the vision, Thailand will need to fill 475,000 new jobs by 2023 in the EEC alone. This will require a bachelor's degree or higher and the rest increasingly sophisticated vocational skills.A  In addition, to become a fully developed nation by 2035, Southeast Asia's second largest economy realized it, too, must leapfrog from traditional manufacturing into the innovation age and become a hub for artificial intelligence, robotics, biosciences, aerospace and other new pillars of what is frequently termed the world's fourth industrial revolution.Thailand's government therefore merged four separate government departments into a new Ministry of Higher Education, Science, Research and Innovations, which aims to work closely with the private sector in Thailand and overseas to increase research and human resource development (HRD). Meanwhile, Thailand's Board of Investment (BOI) is offering additional tax incentives to companies engaged in HRD. Companies investing in the establishment of education and vocational training institutes specializing in science, technology, engineering and mathematicsA -- the so-called STEM subjects --A  will be granted five years corporate income tax exemption.

The BOI also offers so-called SMART visas that enable foreign investors and their families, as well as key talent in business, science and education, to enjoy privileges that include residing in the country for up to four years without needing to obtain a work permit.BOI also struck an agreement with Thailand's Research Universities' Network, comprising eight of the country's leading research schools, to improve R&D information sharing. The agreement is aimed at stimulating collaboration in private sector demand-driven R&D activities, co-operative education programs and high-skilled workforce recruitment.
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