Thai private sector urged to invest in research and development

BANGKOK, September 15 (TNA) -- The Science and Technology Ministry and the Board of Investment (BoI) are encouraging the Thai private sector to invest in research and development. Both agencies signed a cooperation agreement on September 14 to support research and development among the private sector. Under the agreement, both sides will jointly launch activities and measures to promote the investment, technology transfers and collaboration between the private sector and schools on the production of human resources in the field of science and technology. Witnessing the signing, Science and Technology Minister Pichet Durongkaveroj said the government intended to enhance the competitiveness of the nation so that it could change from a middle-income country to a developed one. The government wanted investment in scientific and technological development and innovation to be equivalent to 1% of the gross domestic product of the country, he said. BoI secretary-general Hirunya Suchinai said the BOI was offering promotional privileges to the operators who invested in research and development and transferred technology to Thai people. The privileges included income tax exemption for 1-3 years. The promotion was also aimed at reduction in inequality, sustainable social development and environmentally friendly economic development, she said. In the first seven months of this year, the BoI approved promotional privileges to 72 projects worth 21.7 billion baht in the scientific and technological field of businesses. They include 21 projects worth 7.7 billion baht to produce medical instruments, four projects worth 2.5 billion baht concerning biological technology and six research and development projects worth 1.4 billion baht. (TNA)