Thailand’s Economic Policy Committee has approved a major package of three initiatives, spearheaded by the Board of Investment (BOI), to revitalize the economy under the Quick Big Win policy. The core of the plan is the launch of “Thailand FastPass,” a new mechanism designed to urgently unblock and accelerate 80 large-scale pilot projects with a combined value exceeding 480 billion baht (approximately $13 billion USD), ensuring the capital flows into the economy by the end of 2025.
Ekniti Nitithanprapas, Deputy Prime Minister and Minister of Finance, stated that the government places high emphasis on the Thailand FastPass system. This mechanism will act as a special channel to expedite the implementation of large strategic investments, particularly in high-value sectors such as Data Centers, Clean Energy, Industrial Estates, and Electronics.
The FastPass system aims to speed up the approval and licensing processes by 20-50 percent and will lead to the permanent reform of restrictive regulations. The BOI is mandated to coordinate with key agencies, including the OERC, EGAT, PEA, and MEA, to monitor Service Level Agreements (SLAs) and remove obstacles, with the mechanism set to be operational by December 2025.
⚙️ Three Key Measures to Drive Future Growth
Narit Therdsteerasukdi, Secretary General of the BOI, highlighted the three core measures approved by the committee:
- Thailand FastPass and Obstacle Resolution: Expediting 80 pilot projects (approved during 2023-2025) that faced delays due to systemic issues like power supply limitations, land availability, and bureaucratic hurdles related to visas/work permits.
- Upskill & Reskill Initiative: Preparing a 5-billion-baht fund from the capability-enhancement fund to develop the skill sets of 100,000 individuals (70,000 workers and 30,000 students) for new-generation industries.
- Strengthening Thai Entrepreneurs: Utilizing the capability-enhancement fund to subsidize 30-50 percent of capital investments (up to 100 million baht per company) for Thai-owned enterprises (min. 51% Thai shareholding) seeking to boost efficiency, invest in R&D, or transition to green industries.
Systematic Resolution of Investment Barriers
“Apart from the Thailand FastPass system, in order to address investment issues and accelerate investment in the short term, the BOI has selected 80 large projects with significant economic impact, primarily in the data center, clean energy, electric vehicle, and PCB industries, with a combined value of over 480 billion baht. The 80 pilot projects are large projects that received approval during 2023-2025 and have faced common issues, including power supply & clean energy, land availability, and visa and work permit, hindering them from moving forward with their investments.
To resolve the issues, at today’s meeting, the committee agreed that the Energy Regulatory Commission (ERC) has to expedite the issuance of the regulations on bond requirements for the use of the electricity network and criteria for Utility Green Tariff Type 2 and the Pilot Program for Direct Renewable Energy Power Purchase Agreements (Direct PPA) by December 2025. In addition, relevant Electricity Authorities will have to quickly issue an electricity supply confirmation letter to ensure power for data center investments, and they also have to develop power grid expansion plans to support upcoming major investment projects.
For land availability matters, the committee agreed that the Department of Public Works and Town & Country Planning will closely collaborate with the Eastern Economic Corridor Office of Thailand and Industrial Estate Authority of Thailand to review and update the master city plan and community plan to provide areas for the expansion of emerging industries by March 2026.
Additionally, the BOI will coordinate with the Committee for Driving, Accelerating, and Monitoring Key Policies of the Prime Minister and the Cabinet to address the regulatory obstacles. Concerning visa and work permit issues, the committee agreed that Department of Employment will have to strengthen the e-work permit system, enabling seamless and efficient services for foreign highly skilled professionals at One Stop Service Center for Visa and Work Permit (OSS) by January 2026,” Mr. Narit Therdsteerasukdi, Secretary General of the BOI, said after the meeting, chaired by the Prime Minister.
Moreover, the committee acknowledged a measure to develop highly skilled professionals for new-generation industries. The goal of this measure is to enhance the skill sets of 100,000 individuals, through upskilling and reskilling initiatives to meet the urgent demands of new-generation industries. Qualified training centers must submit an investment promotion application by January 2026 and complete the training program within six months after the issuance of investment promotion certificate.
The committee also acknowledged a measure to strengthen Thai entrepreneurs’ competitiveness by subsidizing 30-50 percent of capital investments and expenditures for improving business efficiency through new-generation technologies, research and development, and transformation toward new or green industries, with a maximum of 100 million baht per company. Applicants must be corporate entities in target industries with at least 51 percent Thai ownership, submit an investment promotion application by January 2026, and complete operations within 12 months after the issuance of investment promotion certificate. The two measures mentioned above will drive rapid economic recovery and build a platform for future growth. In this connection, the committee agreed to allow the BOI to designate additional relevant agencies, as well as the Joint Standing Committee on Commerce, Industry and Banking, to help drive the initiatives forward.
Narit concluded that the Thailand FastPass and the new BOI packages are not just tools for short-term acceleration but represent a commitment to “systematically resolve obstacles and build a modern investment ecosystem that responds to future needs of the industrial sector, laying the foundation for stable economic growth.”
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