The Deputy Prime Minister for economy has ordered the Board of Investment of Thailand (BOI) to create a new investment incentive proposal in a month's time.

Deputy Prime Minister Somkid Jatusripitak said after handing down policy to foreign BOI offices that the investment scene in Thailand and abroad is improving due to public endorsement of the draft constitution. He cited an amendment by the Japan Bank for International Cooperation (JBIC) to its regulation for higher investment risks in order to become a business partner with Thailand.

He ordered the BOI to devise a new incentive plan targeting foreign capitals, with special emphasis on Asian capitals. The plan is to encourage the development of high-tech and innovative industries. The proposal will be submitted for government consideration in a month.

BOI Secretary-General Hirunya Suchinai has said the recovering investment scene triggered the BOI to revise up the total corporate requests for investment support to 55 billion baht from 45 billion baht previously. Over half of the companies requesting investment support belong to target industries.

She added that the Thai economy will benefit from several new laws, such as the Eastern Region Special Economic Zones Development Act, which will make investment in Thailand more attractive among foreign investors.

Since the beginning of the year, the BOI has supported 20 billion baht in investments, with an annual target of 50-60 billion baht. Over the next couple months, the BOI will expedite 400 investment projects that received endorsement from the board in 2014. The projects are reportedly at 70 percent implementation.