Government of Thailand Unveils 4 Measures to Boost Economic Competitiveness

Strategic Insights -

The Thai government, under the leadership of Prime Minister Ms. Paethongtarn Shinawatra, has taken decisive steps to enhance the competitiveness of Thai entrepreneurs in the face of economic volatility. A recent government order has assigned all departments to review investment promotion conditions comprehensively, with a focus on supporting the growth of small and medium-sized enterprises (SMEs). The Board of Investment (BOI) has approved four measures to promote the potential of Thai entrepreneurs, with the aim of positioning the country for success in the global trade arena.

Key Takeaways:

  • The Thai government has ordered all departments to review investment promotion conditions comprehensively, with a focus on supporting SMEs.
  • The Board of Investment has approved four measures to promote the potential of Thai entrepreneurs, including increasing benefits for SMEs, exempting certain businesses from promotion, increasing the intensity of material production processes, and adjusting employment conditions for foreign personnel.
  • The measures aim to enhance the competitiveness of Thai entrepreneurs on the world stage, particularly during a time of economic volatility and intensifying competition.
  • The government has set a minimum income requirement for foreign personnel applying for visas and work permits, with executives earning at least 150,000 baht per month and experts earning at least 50,000 baht per month.
  • The measures reflect the Prime Minister's commitment to elevate the Thai economy to be able to compete sustainably on the global stage.

Statistics:

  • 4 measures have been approved by the Board of Investment to promote the potential of Thai entrepreneurs.
  • 50% of investment in efficiency improvements will be exempt from income tax for SMEs under the new measures.
  • 100% income tax exemption will be granted for 5 years for SMEs investing in efficiency improvements under the new measures.
  • 150,000 baht is the minimum monthly income required for foreign executors applying for visas and work permits.
  • 50,000 baht is the minimum monthly income required for foreign experts applying for visas and work permits.

Sources:

  • Thai News Agency, 21 May 2025
  • Statement by Mr. Jirayu Huangsap, government spokesman
  • Thailand Board of Investment (BOI) press release