Unveiling Thailand’s Investment Promotion Policies for Startups:
Insights from BOI at Techbite Food & Biotech Demo Day
On June 11, 2025, the Techbite Food & Biotech Demo Day by Ajinomoto x KX brought together corporates, VCs, startups, and ecosystem leaders for an exclusive evening at KX Knowledge Xchange. One of the key sessions was the keynote speech by Mr. Suthiket Thatpitak-kul, Deputy Secretary General of the Thailand Board of Investment (BOI), who shared valuable insights on Thailand’s government policies and incentive schemes designed to promote investment and support startups.
“Empowering Startups through Strategic Incentives and Global Opportunities,”
said Mr. Suthiket Thatpitak-kul during his keynote address.
In his speech, Mr. Suthiket emphasized the BOI’s role as Thailand’s primary government agency for investment promotion, offering a wide range of tax and non-tax incentives to attract and support both domestic and foreign investors. These include corporate income tax exemptions for up to 15 years, import duty exemptions for machinery and raw materials, as well as non-tax benefits such as land ownership rights, visa, and work permits for foreign experts. The BOI also provides support for R&D activities, human resource development, and the adoption of advanced technologies, aiming to build a stronger business ecosystem in Thailand.
Mr. Suthiket elaborated on two main legislative frameworks under which the BOI operates:
- Investment Promotion Act — Offering product-based and technology-based incentives. The incentive schemes are categorized into A1+, A1, A2, A3, A4, and B depending on the technological level and alignment with national development goals.
- National Competitiveness Enhancement for Targeted Industries Act — Focused on promoting strategic industries such as biotechnology, semiconductors, batteries, BCG economy (Bio, Circular, Green), and startups. This law offers additional support mechanisms, including direct financial assistance.
The BOI’s five-year investment promotion strategy targets five key industries:
- Electric Vehicles (EVs) and Next-Generation Automotive
- Smart Electronics
- Bio-Circular-Green (BCG) Economy sectors, including biotechnology, agriculture, and medical industries
- Circular and Green Industries
- Digital and Creative Economy, and International Business Centers (IBCs)
In addition to these frameworks, Mr. Suthiket highlighted a special measure under the National Competitiveness Enhancement Act — the Matching Fund Measure, aimed specifically at high-potential startups in the bio, agriculture, and digital sectors.
Startups eligible for this fund must meet criteria such as being a Thai-registered entity with majority Thai ownership, operating within the 13 targeted industries, and having secured at least THB 15 million in funding from accredited venture capital or corporate venture capital sources. Qualifying projects can receive BOI financial support ranging from THB 20 to 50 million (approximately USD 0.6 to 1.5 million), covering various expenses including capital investment, R&D, and human resource development.
This Matching Fund is designed to strengthen Thailand’s startup ecosystem by reducing the financial burden on emerging ventures and attracting high-impact innovation projects. The BOI also collaborates closely with the National Innovation Agency (NIA) to identify and nurture promising startups across the country.
Mr. Suthiket concluded by reaffirming the BOI’s commitment to facilitating business growth in Thailand and serving as a bridge between the public and private sectors. His message to the global startup community was clear: Thailand offers unparalleled opportunities, strategic support, and a competitive environment for startups looking to innovate and expand in Southeast Asia.
The keynote address provided a comprehensive overview of the tools and incentives available, reinforcing the Thai government’s active role in shaping a thriving, innovation-driven economy — perfectly aligned with the spirit and goals of the Techbite Food & Biotech program.
Interested in the TECHBITE Incubator program or potential collaboration? Contact us at:
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Phone: +66 2 470 7906
Website: www.kxinnovation.com
