Bangkok: The Board of Investment (BOI) has approved the initial phase of the FastPass system to expedite the approval and permitting process for key projects from seven agencies: the BOI, the Department of Industrial Works (DIW), the Industrial Estate Authority of Thailand (IEAT), the Office of Natural Resources and Environmental Policy and Planning (ONEP), the Immigration Bureau (IB), the Department of Employment (DEM), and the Eastern Economic Corridor (EEC). The system is expected to reduce approval times by 20-50 percent. The BOI has also appointed a subcommittee on investment acceleration (FastPass), chaired by the BOI Secretary-General and featuring representatives from key agencies involved in approval and permitting, such as the Office of the Public Sector Development Commission (OPDC), the Department of Local Administration (DLA), the Energy Regulatory Commission (ERC), the DIW, the IEAT, the ONEP, and the Eastern Economic Corridor (EEC). The aim is to expand the FastPass system to cover key approval
and permitting processes that impact starting a business in Thailand.
According to Thai News Agency, the meeting also followed up on progress in resolving investment obstacles and issues to facilitate ease of doing business and support the private sector in expediting investment. This focus addressed three key obstacles common to many industries: electricity, land acquisition for investment, and visas and work permits. On the electricity front, a joint meeting was held between the Energy Regulatory Commission (ERC), the Energy Policy and Planning Office (EPPO), the Electricity Generating Authority of Thailand (EGAT), the Metropolitan Electricity Authority (MEA), the Provincial Electricity Authority (PEA), and the Board of Investment (BOI), chaired by the Minister of Energy. The meeting concluded with plans to expedite electricity procurement for high-demand data center businesses and to develop criteria for green electricity services and direct power purchase agreements for renewable energy projects.
For land acquisition, the Department of Public Works and Town and Country Planning will coordinate with the Eastern Economic Corridor (EEC) Office and the Industrial Estate Authority of Thailand (IEAT) to revise city and community plans for industrial estate development. The meeting also addressed the need to expedite the EIA approval process for industrial area development projects and to resolve projects pending approval for changes to public roads and waterways.
In terms of visas and work permits, the resolution is to expedite the issuance of e-Visas for those approved by the BOI, with the embassy’s review process to be completed within 1-5 business days. The Department of Employment is tasked with expediting the resolution of the e-Work Permit system to align with the BOI’s Single Window system.
The BOI Board was informed of progress in monitoring and expediting 74 large-scale investment projects approved for the 2023-2024 period, totaling over 300 billion baht. Approximately 80% of these projects have commenced investment or have clear investment plans. The BOI continues to monitor progress and coordinate assistance for entrepreneurs facing challenges due to economic and technological changes.
To prepare for global investment trends in AI technology and cloud services, the BOI has revised investment promotion conditions for data center businesses to encourage technology and knowledge transfer to Thai personnel. This includes requiring that at least 50% of executive and expert positions must be Thai nationals within three years. The BOI has also revised incentives for corporate income tax exemption for investments in the EEC and outside the EEC. Furthermore, the BOI has approved four large-scale data center projects, totaling nearly 100 billion baht, to promote Thailand as a regional digital economic hub and strengthen the country’s digital infrastructure. These projects include investments from Telehouse (Thailand) Co., Ltd., Vistas Technology Co., Ltd., and Nextgen Data Center and Cloud Services Co., Ltd.