Board of Investment has approved $1.8 billion in medical and biotech investments
Thailand’s ambitions of becoming the medical and biotechnology hub of Southeast Asia are powering ahead as the Board of Investment said it had approved 209 projects worth over $1.8 billion in those fields since 2018.
“The medical industry continues to expand due to growing demand for medical equipment and medicines in the global market,” said Duangjai Asawachintachit, Secretary-General of the Board of Investment (BoI).
That is especially true in the era of the Covid-19 pandemic. Not only are investors looking for places they can source medical equipment and pharmaceuticals, but they are now also searching for places where those products are manufactured that have secure supply chains.
Thailand has managed to keep its manufacturing, supply chains and logistics up and running, thanks mainly to an effective public health response. Investors, particularly from the U.S., have said they are impressed with the Kingdom’s performance.
Of the 209 projects that have been approved and received privileges, incentives and other benefits, 129 were in the medical business, and the total value is about $1 billion.
Fifty-one biotechnology projects were approved and valued at $840 million, and 26 laboratory projects valued at $62 million received approvals.
Medical devices and equipment, pharmaceuticals, research projects, and biotechnology are all industries and categories that the government is prioritizing for benefits and support.
Policymakers view science-based industries as prime drivers of more advanced development and the growth of higher technology. Thailand’s 20-year National Strategy aims to achieve a higher level of development that will be sustainable, green and reduces disparities among its people.
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