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Economic Outlook and Business Opportunities in Thailand by Mr. Arin Jira, Vice Chairman, Federation of Thai Industries (FTI) 28 March 2014 At SOFOFA, Santiago, Chile Thailand : Economic Outlook in 2013 and 2014 2013 (%) 2014 (%) GDP Growth 2.9 3.0-4.0 Export of goods and services 4.2 6.0 Import of goods and services 2.3 4.6 Private Investment Public Investment -2.8 1.3 3.8 0.3 2.1-3.1 1.9-2.9 Inflation The World Bank ranks Thailand 18th out of 189 countries, according to the 2014 Doing Business Report. Thailand : 2nd Largest Economy in ASEAN GDP US$ 385 billion (2013) GDP per capita US$5,647 45% Industry 43% Services 12% Agriculture Population : 67 million Labor Force: 40.2 million Sources: BOI, NESDB Growing Economy Strong Export and a Vibrant Domestic Consumer Market 2nd Lowest corporate income tax in South East Asia (20%) Thailand: the Crossroads of ASEAN 10 Countries, One Single Market GDP in 2015 US$ 2.3 trillion Popula 607 -tion million FDI US$ 111 billion 5.7% (2011) Growth 6.4% (2012) 5.2% GDP (2013) Source: BOI ASEAN’s GDP to double to US$ 4.7 trillion in 2020. Thailand’s Extensive Free Trade Agreement Networks Thai-EU BIMSTEC ASEAN Thai-Peru ASEAN-Korea ASEAN-China ASEAN-Japan ASEAN-India ASEAN-CER Thai-India JTEPA Thai-Australia Thai-NZ RCEP Thai-Chile 11 FTA Agreements Under In Effect Negotiation Finalized Source: Ministry of Commerce Thailand Investment Promotion Policy No foreign equity restrictions in No restrictions on manufacturing sector foreign currency and promoted service remittances sector Liberal Investment Policy No export requirements Source: BOI No local content requirements Thailand’s Attractive Investment Incentives Tax Incentives: Import duty exemptions/ reduction Corporate Income Tax/ Exemption for 3 to 8 years. Additional 50% reduction of corporate income tax for up to 5 years Double deductions for infrastructure construction /installation costs. Non-Tax Incentives: Land ownership rights for foreign investors Work permit & visa facilitation Activities Eligible for Investment Promotion 8 Target Industries: Automotive Agriculture & food processing Machinery Chemicals Biotechnology Alternative energy Electrical/Electronics (E & E) Healthcare sector Creative Industry Trade and Investment Relations between Thailand and Chile 2012 (million US$) 2013 (million US$) Total Trade 978.43 886.16 Export to Chile 628.25 619.06 Import from Chile 350.18 267.10 Trade and Investment Relations between Thailand and Chile Main exports: automobiles & auto parts, canned and processed seafood, rubber products, canned & processed fruits, textile & garment, electronic & electrical appliances, and construction materials. Main imports: fresh & chilled seafood, natural minerals (copper), pulp & paper, fertilizer & pesticide, chemicals, wine and fruits. Trade and Investment Relations between Thailand and Chile Chilean Investments in Thailand 1) Sigdo Koppers S.A. 2) SQM Company (fertilizer) 3) CFR Pharmaceutical S.A. Thank You