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Posted: Dec 21, 2010
Thailand increases incentives for nanotechnology investment
(Nanowerk News) The National Nanotechnology Center (NANOTEC), the key research institute for nanotechnology in Thailand, applauds the decision by the Thailand Board of Investment (BOI) to revised investment promotion scheme to also cover production of nanomaterials or products from nanomaterials.
The aim of this initiative which has been in the works since 2009 is to encourage more use of high-technology in Thailand's nanomanufacturing. This type of business will be categorized as a top priority business which brings greater benefits to the country and boost Thailand's positioning as an attractive investment destination.
Former Industry Minister Mr. Chanchai Chairungruang, after the BOI board meeting chaired by Prime Minister Abhisit Vejjajiva in 2009, said, "In response to the changing investment trends, the board has given the go signal to expand BOI's investment promotion scheme to cover new business activities. The revised scheme will also offer additional tax privileges to projects that promote technology and healthcare, and will carry some amendments meant to make Thailand's investment environment even more attractive for foreign investors."
"This is a good example of how government initiated incentives can help boost the development of a young but vibrant technology" said Prof. Sirirurg Songsivilai, NANOTEC Executive Director. "It is estimated that by 2015, the nanotechnology market may be worth more than $2.4 trillion, therefore, it is an inducement for Thailand to cash in on nanotechnology. We will announce these incentives at Nano tech 2011 in Tokyo in February".
The incentive program will include:
maximum incentives including exemption of import duties on machinery
8-year exemption of corporate income tax, regardless of location
exemption of import duties on machinery,
exemption of corporate income tax according to investment zones.