IEAT push aims to maintain investment momentum
The initiative, which includes a plan to offer more attractive investment incentives for Thai and foreign investors, comes after a survey found operators of 5,000 factories in industrial estates overseen by the IEAT are gripped with concerns over the impact of the Washington's trade policy on their competitiveness and operating costs.
The US is a major market of many entrepreneurs in Thailand.
"The government wants to help investors reduce costs and facilitate business operations, including waiving fees for using infrastructure," said Sumet Thangprasert, governor of the IEAT.
Mr Sumet on Wednesday met with Industry Minister Akanat Promphan to discuss measures aimed at helping entrepreneurs who may be affected by the impact of the US's high tariff rate.
New investors, particularly those from China, who initially wished to invest in Thailand may now change their plans and expand their businesses into other countries, said Mr Sumet.
Officials are planning to facilitate prospective investors by cutting the lengthy investment application process down to one year from two years, he said.
"Speeding up the process should be one method to help stimulate investment in the country which is encountering many challenges, ranging from the sluggish economy to the impact of geopolitical conflicts," said Mr Sumet.
The need to boost investment is important for Thailand in order to increase its GDP growth.
In the long term, the IEAT will speed up the development of 10,000 rai of industrial land, which requires a budget of over 10 billion baht, in order to serve new investment, said Mr Sumet.
The IEAT needs to work with the Department of Public Works and Town & Country Planning to adjust city planning regulations in areas set to be developed into new industrial estates.
"The adjustment may lead to reductions in land prices. Many investors cannot afford to buy expensive land," said Mr Sumet.
The impact of the US's reciprocal tariff, geopolitical conflicts, along with the economic slowdown have caused the IEAT to revise down its land sales target from 10,000 rai to 8,000 rai this year.
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