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By APD writer Juicy Chan
BANGKOK, Nov.29 (APD) -- Thai authorities recently approved investment incentive scheme for bidding winners of U-Tapao Airport’s Passenger Terminal 3 and Digital Park Thailand development projects, two among six major development projects in the country's Eastern Economic Corridor(EEC).
The 45 billion U.S. dollars EEC project near the Gulf of Thailand, aimed at attracting high-tech investment, is a centrepiece of the current government's policy to boost growth and includes building high-speed trains and airports.
When completed, the airport and digital park projects will play a key role in moving the EEC forward as a new regional business hub and accelerate the government’s plan to transform Thai economy.
According to Thailand's Board of Investment(BOI),the bidding winner of U-Tapao Airport’s Terminal 3 development project will be granted exemption of import duty on machinery and 8-year corporate income tax (CIT) exemption. In case the developer has cooperation with an educational institution to develop human resources, and BOI will grant 50% reduction of CIT for another three years under the EEC investment incentive scheme.
The U-Tapao Airport’s Terminal 3 is part of the Aerotropolis development project. Under public-private partnership format, the Aerotropolis would include the construction of a 7.1 billion-USD (233-billion-baht) Passenger Terminal 3 which will increase the airport’s passenger handling capacity from 5 million passengers to 22 million passengers in 2033, and increase flight handling capacity from currently 25,000 units per year to 120,000 aircraft per year by 2033. When completed, the project will cover additional passenger terminals, cargo zone, cargo & logistics village, commercial gateway, Maintenance Repair Operating(MRO)zone, and the aviation training center.
The development of U-Tapao Airport, high-speed train, Laem Chabang Port, Map Ta Phut Industrial Port and MRO Center are included in the Public-Private-Participation (PPP) fast track program which shortens bidding process from 40 months to 8-10 months.For the bidding winner of the Digital Park Thailand, Thailand's Board of Investment will grant import duty exemption on machinery and CIT exemption for eight years.
The investment project including cooperation with the educational institution to develop human resources will enjoy an additional four-year tax holiday.The digital park will play an important part in making Thailand the trade and investment hub for the region’s digital business. Targeted activities for the area include software development, digital services, digital park, data center, innovation incubation center, cloud service, R&D, and relevant services.
The Digital Park Thailand is designed with comprehensive digital infrastructure, including high-speed optic fiber network, innovation infrastructure such as living lab, and other facilities to support business activities. Built as a Smart City, the area will be fully equipped with advanced digital systems, such as face recognition security system, smart tap water system, 5G testing area, etc.
(ASIA PACIFIC DAILY)
