BANGKOK, 6 January 2017 (NNT) – The government has made plans to extend tax incentives and introduce new incentives to attract the private sector in matching its investment target of 200 billion baht after private businesses spent the past year mostly still.

Deputy Prime Minister for Economic Affairs Somkid Jatusripitak let on the government is likely to extend investment incentives for the private sector such as its double deductible for depreciation expense measure. The tax incentive is to apply to machinery, equipment, computer programs, vehicles and even permanent structures in a move to have private businesses be more active in new investments.

Somkid noted that the improving Thai economy has already begun to attract investment with the Japan Chamber of Commerce recently notifying the Ministry of Finance of its intention to increase investments in the Kingdom.

The deputy prime minister pointed out that investment optimism in Thailand is not only a reflection of the improving economy but also positivity towards its political situation. He gave his prediction the Thai economy would grow by close to 4 percent in 2017, citing an uptick in stock movements immediately after the New Year as well as the shifting focus towards Asia away from the US.