The Board of Investment (BoI) has launched the “Thailand FastPass” to speed up processing approvals of multi-billion-baht investment projects, aiming to support the government’s “Quick Big Win” policy.
“Thailand FastPass will be a new weapon in our efforts to draw more investment,” Narit Therdsteerasukdi, secretary-general of the BoI, said after a board meeting chaired by Finance Minister Ekniti Nitithanprapas.
This new investment mechanism supports the Quick Big Win policy, which prioritises swift, impactful and broadly beneficial projects as the Anutin Charnvirakul administration is committed to its pledge to work for four months and then dissolve the House for a general election next year.
Thailand FastPass focuses on new investment projects worth at least 1 billion baht in targeted industries, including digital and artificial intelligence technology, semiconductors and electronics, robotics and automation systems, cars and biotechnology.
These projects must prove they can make a significant contribution to the economy, including increasing local employment and enhancing technological development, said Mr Narit.
“Thailand FastPass will help investors reduce the steps and time needed to establish businesses here,” he said.
“We want to see new investment and the speedy establishment of businesses to drive the economy.”
According to the BoI, up to 70 projects granted investment incentives between 2023 and 2024 have yet to start development. The projects, valued at 300 billion baht in total, are mostly in data centre, electronics and power generation sectors.
One major problem foreign investors face is the lengthy process for seeking long-stay visas and work permits, said Mr Narit.
To address the problem, the BoI set up an ad-hoc panel to help them deal with regulations and paperwork.
He said the panel also works on other issues that may hinder business development, such as power infrastructure and land where factories will be built.