F&B Insights Asia Magazine Issue3 F&B Insights Asia Magazine Issue3 | Page 10

For example, as part of
the government’s efforts
to drive the country’s
economy forward
through the use of
industries according to
the Thailand 4.0 Policy
To highlight its position as one of the leaders in the global food
industry, Thailand has been providing not only supportive policies,
but also practical measures to help accelerate growth in this
sector. For example, as part of the government’s efforts to drive
the country’s economy forward through the use of high-tech
industries according to the Thailand 4.0 Policy, the Thai Finance
Ministry has proposed to set up a USD 10 billion fund to support
a food innovation project called “Food Innopolis”, which aims to
make Thailand a global food innovation hub.
include up to eight years of corporate income tax exemption and
the exemption of import duty on machinery. Meanwhile, non-tax
incentives range from the permission of land ownership, to the
facilitation of visas and work permits, just to name a few.
What’s more, given there is plenty of room for growth in the Thai
food industry, the NFI has actively played its part by supporting and
collaborating with both the public and private sectors, to bring
Thailand to the global stage. Its Food Intelligence Center, referring
to its research, has outlined four key strengths that will ensure the
country’s competitive edge in the global food industry: abundant
resources, long-cultivated expertise, highly skilled workforce, and
the wide acceptance of the quality and safety standards of Thai
food products.
The Ministry of Science and Technology also lends a hand by
ensuring that crucial resources, such as researchers, pilot plants
and food research laboratories, will be available for the project.
This is to fulfil the government’s high hopes in the country’s ability
to provide a one-stop solution for Research, Development and
Innovation (RD&I) services to investors, with the ultimate goal
of linking private business at all levels – start-up, SME or a large
company.
The key strengths above are believed to reflect the future of the
Thai food industry, both in the short and long run, which continues to
shine through any challenges. Although major export markets, such
as the United States, Europe, and Japan, may have experienced
an economic downturn and lower demands, Thailand’s food
industry can still find its way to prosper in other emerging markets.
Investors can enjoy a number of incentives, tax-based or non-tax,
offered by the Thailand Board of Investment (BOI). Tax-based incentives
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