1. CONTENTS
May 2015
Volume 25
No. 5
Page
OIE Annual Report 1
News Bites / BOI Net Applications 2
Thailand Offers Investors Strong
Economy, Infrastructure and Political
Stability
5
NESDB Economic Outlook 6
Next step in Thailand-Russia
Investment Promotion Cooperation
7
BOI Road Shows 8
Company Interview: KEEEN Limited 9
BOI’s Missions and Events 11
Thailand Economy-At-A-Glance 12
Continued on P. 3
OIE Annual Report
The Office of Industrial Economics, which is under the Ministry of Industry, has
compiled its annual report on the Thai economy, offering a good summary of
sector by sector economic growth in 2014, and identifying trends for 2015.
Additionally, the data presented includes industrial surveys by the Bank of
Thailand (categorized into different indices, such as data on employment,
trade, and international investment), entrepreneur and consumer opinions, and
industrial forecasts. What follows is a brief synopsis of certain key sectors of
Thai industry, more specifically their condition and outlook.
According to the International Monetary Fund (IMF), the global economy
expanded by an estimated 3.3% when compared with the previous year. Indeed,
it has recovered steadily from the previous year. The US economy showed
consistent improvement and the country’s unemployment rate declined. The EU
economy rebounded but the unemployment rate was still high and the bloc likely
will experience deflation. Japan’s economy expanded slightly due to the raising
of the value-added tax rate. However, China’s economy slowed down.
Central bank authorities in many countries maintained a low interest rate policy
due to minimal inflationary pressures and as a means to stimulate economic
growth.
Oil prices in the world market continued decreasing due to an excess supply
of oil globally. Crude oil prices (Dubai) for the first 11 months of 2014 averaged

2. NEWS BITES BOI NET APPLICATIONS
Thailand Committed to
Enhancing Trade and
Investment Cooperation with
Africa
Thailand is committed to enhancing trade
and investment cooperation with Africa, says
Prime Minister General Prayut Chan-o-cha.
In his statement at the Asian-African Summit
on 22 April 2015 in Jakarta, Indonesia,
the Prime Minister said that ASEAN-led
frameworks, such as the ASEAN Free Trade
Agreement, can help elevate economic
cooperation between Asia and Africa.
“The vibrant partnership between our two
continents will help shape the world as never
before. We should not only sustain this
momentum; we should take steps to bring our
engagement to the next level. That is what we
are doing today.”
“Thailand is determined to be a partner in
Africa’s success. Already, The Royal Thai
Government’s Thai-Africa Initiative is
underway. It demonstrates our commitment
in fostering stronger multi-dimensional ties
between Thailand and Africa.”
Among the countries listed for BOI investment
missions this year are South Africa, Kenya
and Ethiopia. BOI has for many years been
visiting Africa and continues to work to
strengthen African investment in Thailand
and to support Thai investment into Africa.
Preparing for Mobility in
ASEAN
The Ministry of Tourism and Sports is prepared to register tourism
professionals to facilitate the mobility of tourism personnel within
the region after the launch of the ASEAN Economic Community
(AEC) in late 2015.
ASEAN Member States have signed the ASEAN Mutual
Recognition Arrangement (MRA) on Tourism Professionals,
which is one of the key ASEAN tourism initiatives to support
the establishment of AEC. The MRA comprises six divisions –
housekeeping, front office, food production, food and beverage
services, travel consultants and tour operators.
In Thailand, about 2,550 personnel in the housekeeping division
have attended training and passed the tests on competency
standards. They should be ready for the free flow of ASEAN
professionals soon.As for national trainers and national assessors
in Thailand for the divisions of front office, food production, and
food and beverage services, there are now only 20 for each
division. The Ministry of Tourism and Sports is accelerating the
production of 600 more trainers and assessors this year. With the
increasing number, Thailand is likely to produce at least 5,000
tourism personnel in the three divisions in 2015.
As for personnel in the two remaining divisions, namely travel
consultants and tour operators, the training of master trainers
and master assessors at the ASEAN level will be completed later
2013
(US$ = 32.34THB)
2014 (Jan-Mar)
(US$ = 32.39 THB)
2015 (Jan-Mar)
(US$ = 32.63 THB)
Number of
projects
Value
Number of
projects
Value
Number of
projects
Value
Total Investment 1,995 31,122 265 6,748 176 883
Total Foreign Investment 1,132 16,226 197 6,235 79 172
By Sector
Agricultural Products 324 3,602 34 221 22 80
Minerals / Ceramics 35 1,328 7 64 6 54
Light Industries / Textiles 73 457 8 16 5 15
Automotive /
Metal Processing
430 7,791 74 4,678 19 40
Electrical / Electronics 281 3,003 36 131 37 27
Chemicals / Paper 171 1,405 26 715 7 31
Services 681 13,532 80 920 80 632
By Economy
Japan 590 8,865 96 1,887 22 56
Europe 161 1,399 33 1,944 19 14
Taiwan 55 228 7 24 6 27
USA 57 1,116 8 1,268 6 3
Hong Kong 41 637 10 67 2 3
Singapore 99 793 14 83 11 10
By Location
Central 771 8,982 92 392 77 369
East 710 10,860 115 5,904 42 201
South 103 2,013 12 86 13 53
Unit: US$ Million
Note: Investment projects with foreign equity participation from more than one country are
reported in the figures for both countries / Statistics on net applications are adjusted whenever
applications are returned to applicants due to insufficient information.
this year. After that they will further provide training for personnel
in these divisions in Thailand.
Developing Eco-Industrial Towns in Thailand
The Ministry of Industry will develop eco-industrial towns in five
provinces as models for Thailand’s industries to move toward
green manufacturing.
Permanent Secretary for Industry Atchaka Sibunruang said that
the five provinces selected for the eco-industrial town prototypes
include Samut Prakan, Samut Sakhon, Rayong, Chachoengsao,
and Prachin Buri. These provinces have great potential for
further industrial growth.
She said that the Ministry of Industry had formed a working group
to conduct a study on the establishment of the eco-industrial
towns. The study also involves another nine industrial areas,
namely the IRPC’s production complex in Rayong; Bangkadi
Industrial Park in Pathum Thani; 304 Industrial Park in Prachin
Buri; Sahapat Industrial Park; Si Racha in Chon Buri; Sahapat
Industrial Park; Kabin Buri in Prachin Buri; Rojana Industrial
Park in Ayutthaya; IPP Industrial Community in Rayong; Hemaraj
Rayong Industrial Land in Rayong; and Hemaraj Saraburi
Industrial Land in Saraburi.
May 2015
Page 2

3. Continued from P. 1
Continued on P. 4
US$99.90 per barrel, while the New York
Mercantile Exchange crude oil price average for
January 2015 delivery (as of 7 December 2014)
was US$63.05 per barrel.
Concerning the economy of Thailand in 2014,
the gross domestic product (GDP) in Q3 2014
expanded 0.6%, higher than in Q2 2014 (+0.4%);
the higher GDP figure stemmed mainly by non-
agricultural sectors. Consumer demand in the
country experienced an increase resulting from
household spending on nondurable goods.
Likewise, the service sector improved. Income
generated by non-agricultural sectors and a
declining inflation rate were factors that increased
consumer confidence and spending, which
reflected in the higher consumer confidence
index. Moreover, private investment expanded
in machinery and tools. Meanwhile, the net value
of imports and exports of goods and services
decreased because the import value was larger
than the export value.
Thailand’s industrial GDP showed an improvement from Q2
2014, with production of computers and electronics climbing due
to higher market demand. Furthermore, according to the Office of
the National Economic and Social Development Board (NESDB),
the main supporting factors for the Thai economy in 2015 are the
following:
• Improving export figures due to the recovery of the global
economy and greater world trade volume. It is anticipated
that international markets will show signs of improvement and
various government agencies forecast global GDP growth of
3.5-4.0%, which is a positive business environment and an
impetus for a Thai economic revival.
• Tourism and foreign investment were affected negatively by
the political unrest. However, a return to stability and security
in the second half of 2014 provided a positive outlook for a
recovery of both sectors.
• In 2014, there were many problems with government
spending as the uncertainty of the political situation resulted
in disbursements not meeting their intended targets, especially
the investment budget. Nevertheless, for the 2015 fiscal year,
government spending will be much more efficient as it is now
under the authority of the National Council for Peace and
Order (NCPO) beginning on 2 September 2014. This includes
economic stimulation measures according to a Cabinet
resolution announced on 1 October 2014.
• Oil price decline in the world market will increase consumer
and business purchasing power and decrease inflationary
pressures, thereby facilitating expansionary monetary policies.
• The impact of unusually high automobile purchases and
manufacturing output will disappear. Purchases and production
will return to normal levels in 2015.
The BOI subsequently reported that during 2014 a total of
3,469 projects worth a total of 2,192,700 million baht applied
for investment promotion, making it the best year in almost 50
years. This milestone represents a 73% increase over 2013
in terms of the number of projects requesting promotion, and
a 117% increase in investment value. Further, the highest
number of applications was reported in the service and public
utilities industry with 799 applications worth 822,162 million
baht, followed by the chemical, paper, and plastics industry with
503 applications worth 430,091 million baht. Automotives sector
came in third with 734 applications worth 325,864 million baht.
In 2015, Thailand’s industrial outlook should be positive. Thai
industry is forecasted to grow stemming from an improvement
of the global economy and trade volume, a recovery in foreign
investment figures, production adjustment of the automotive
industry in 2014, and a decline of oil prices in the world market.
According to the OIE, the GDP is estimated to expand 2-3%,
while the manufacturing production index (MPI) should increase
3-4% in 2015.
Industry by Sector
Iron and steel industry: Production by the iron and steel
industry should be stable in 2015 with a volume output of 6.19
million tons. The country’s demand is expected to range between
0-3%. Government infrastructure projects are an essential factor
to increase demand for iron.
Automotive industry: According to the vehicle production plan
for 2015, manufacturing is expected to increase 10% or an
estimated output of 2,150,000 units, owing to 3.5-4.5% economic
growth in the country and the economic improvement of trading
countries. Production is expected to be in the 50-55% range for
domestic sales and in the 45-50% range for exports.
Electrical appliances and electronics industry: The E&E
industry is expected to expand 1.2% in 2015 when compared
to a year earlier. In fact, the electronics sector is predicted to
grow 0.5-1%, resulting from greater demand for communication
gadgets. Meanwhile, the electrical appliances sector is expected
to climb from a year earlier, stemming from the improvement of
both the domestic and overseas markets.
Chemical industry: Chemical exports in 2015 are predicted to
surge 6.02% from the previous year, owing to the recovery of the
global economy, a clear direction of the government’s investment
projects, the acceleration in approving investment promotion
applications in the second half of 2014, and the approaching
formation of the ASEAN Economic Community (AEC).
Plastics industry: The export value of plastic products is
expected to rise 10.01% or an estimated 132,577 million baht in
2015, stemming from the improving economies of major trading
May 2015
Page 3

4. Continued from P. 3
countries, such as Japan and the US, as well as the upcoming
inauguration of the AEC.
Petrochemical industry: In 2015, the industry is predicted to
develop according to the growth of related industries and the
plastics industry.
Pulp paper, paper, and printing material industry: Production
and exports of pulp paper, paper, and its products are predicted
to escalate according to demand for packages from related
industries in 2015. Economic improvement in Thailand, growing
exports to the US, the EU, and China, and an expansion of
investment in paper and package manufacturing both in the
country and overseas are factors driving the industry to expand.
Ceramic industry: Manufacturing and sales in 2015 are likely to
increase because of the government’s economic stimulus plans
that encourage investment in infrastructure, such as construction
of metro lines, establishing special economic zones in five border
provinces (Tak, Mukdahan, Trat, Sa Kaeo, and Songkhla), and
the establishment of the AEC in 2015. These activities will attract
more foreign investment and increase demand in real estate, and
eventually promote further growth in the ceramic industry.
Cement industry: The industry is predicted to grow in
2015, due to rising demand for cement in the country,
resulting from a clearer picture of the government’s
infrastructure investment projects, particularly the new
Skytrain lines. The private sector can invest more in real
estate as land prices in the greater Bangkok metropolitan
area and the provinces are not as high as land in the city
or along the existing Skytrain lines.
Textile and garment industry: In 2015, the manufacture
of textiles and garments will continue to expand. The
production and exports of the textile sector will be
directed mainly to the ASEAN market. For the garment
sector, the government supports SMEs to relocate their
production base to the CLMV countries (Cambodia, Laos,
Myanmar, and Vietnam) in order to take advantage of
abundant labor, low wages, and the generalized system
of preferences (GSP) from the EU and the US. Moreover,
economic expansion into other ASEAN countries will
influence the domestic consumption volume of those
countries.
Wood and wood furnishing industry: Production and
sales of wood furnishings in 2015 are expected to climb
resulting from an expansion of the real estate sector,
leading to higher demand for home decoration products.
Pharmaceutical industry: Production and domestic
sales in 2015 are projected to grow from the previous
year due to more stringent reimbursement controls
regarding social programs for civil servants. This resulted
in a surge of output in order to substitute costly imported
medicines by local manufacturers.
Rubber and rubber products industry: The rubber
and rubber products industry, particularly the inner
tubes sector, should expand along with improvements
in the automotive industry. Exports will continue
growing, especially rubber gloves and latex gloves,
which are essential both in the medical and industrial
sectors. Although exports to the US and EU markets
are forecasted to be weak, ASEAN markets should
experience a surge.
Footwear and leather products industry: Production and
exports of footwear in 2015 should increase compared with
the previous year, stemming from the economic recovery in the
US. Exports of travel bags and accessories and products of
tanned and synthetic leather are expected to grow owing to more
orders for automotive seats and furniture. As tourist numbers
are predicted to improve in 2015, the sales volume of bags and
shoes should increase accordingly.
Gems and jewelry industry: In 2015, output is predicted to
contract when compared with the previous year, as manufacturers
will export products already in stock and only produce to restore
stock volume.
Food industry: Production is predicted to grow 0-5% in 2015,
stemming from an improvement of the country’s economy and
greater consumer confidence. Exports are forecasted to increase
by as much as 2.5%. The global economy and major trading
countries, such as the US, the EU, China, and Japan, have
recovered from the international debt crisis and the ensuing
recession.
May 2015
Page 4

5. Continued on P. 6
Thailand Offers Investors
Strong Economy, Infrastructure
and Political Stability
The Asian Development Outlook 2015, issued by the Asian
Development Bank, continues to see developing Asia as the
engine of growth for the world, reporting “…strengthening
growth is anticipated in Southeast Asia, and regional economic
integration there will gain further traction with the establishment
of the ASEAN Economic Community at the end of 2015.
The ADB has forecast increased growth in ASEAN to 4.9% this
year from 4.4% in 2014, which is supported by the recovery
being experienced in Thailand and Indonesia, ASEAN’s two
largest economies. Growth is expected to continue rising to
5.3% in 2016, which is the first year of the AEC.
The report offers some positive forecasts for Thailand that
investors should be heartened to read. ADB looks for 3.6% GDP
growth in Thailand in 2015 and 4.1% GDP growth next year. This
is largely the result of “a relatively calm political environment,
the restoration of government investment, better prospects for
exports to the major industrial economies, and lower fuel costs
for businesses and consumers.”
ADB sees the public debt level in Thailand remaining at a
manageable rate during fiscal year 2016, widening to THB390
billion, or 45.8% of GDP. Likewise, private fixed investment is
recovering and public fixed investment is rising this year and will
accelerate next year…”
Also mentioned by ADB are the Special Economic Zones that the
government is currently developing. ADB writes that “Under the
plan, migrant workers from neighboring countries can work in the
Thai zones and still live at home.”
In a similarly upbeat tone, the International Monetary Fund
Executive Board, following its recently completed 2015 Article
IV Consultation with Thailand (consultations are generally held
with members every year) issued a press release stating that
the “Executive Directors were encouraged by the rebound
of the Thai economy after recent adverse shocks, and noted
that the resilience of the economy has been underpinned by
solid economic fundamentals and prudent macroeconomic
management.”
“The authorities intend to pursue a wide range of reforms to
support the economy. They are already implementing a fuel price
reform; have replaced the rice pledging scheme with transfers
to small-scale farmers; endorsed a large public infrastructure
investment program; started a review of state-owned enterprises;
and made a decision to extend the Bank of Thailand’s oversight
to the state-owned Specialized Financial Institutions. In addition,
five special economic zones have been established in border
regions and the Board of Investment has announced a new
investment promotion strategy aimed at enhancing Thailand’s
competitiveness.”
“Directors agreed that Thailand’s strong policy buffers, including
ample reserves and a flexible exchange rate regime, have served
the country well and have provided the tools to address potential
market turbulence.”
International institutions continue to note the improving economic
situation in Thailand, the strength and resiliency of its economy,
the second largest in ASEAN, and its potential for continued
economic growth. The Government of Thailand is moving forward
with its infrastructure development plan that will stimulate the
economy even further. A draft constitution has been completed
and the country is positioning itself to hold elections in 2016,
maintaining stability and economic growth.
TIR would like to note that the government has adopted
an eight-year infrastructure plan, 2015 and 2022. This plan
includes projects to improve the existing railroad tracks for
better cargo transportation, as well as the construction of a
medium-speed train, around 160 km/hour. This will reduce
logistics cost significantly, as will planned projects for additional
deep seaport facilities, expansion of airport facilities, and better
road connectivity between major cities in Thailand and with its
neighbors.
IMF has welcomed the fact that the infrastructure projects aim
to enhance connectivity with neighboring countries and reduce
logistic costs. Also, that the projects are now within the budget,
which contributes to enhancing transparency and accountability.
With all of this activity and a government committed to stability,
growth and investment, investors continue to choose Thailand as
their investment destination.
Thailand: selected economic indicators
2015 2016
GDP Growth 3.6 4.1
Inflations 0.2 2.0
Current Account
Balance (share of GDP)
4.0 1.5
Source: ADB estimates
Investors should be encouraged by the Final Remarks of the
IMF report issued in relation to the Consultation, “Despite
economic headwinds, Thailand’s strong fundamentals, political
clarity, and unique cultural identity have helped the country to
navigate through difficult times and resuscitate confidence from
both domestic and international stakeholders. Going forward,
preserving the macroeconomic and financial stability amidst
global uncertainty remains top priorities. On the back of ample
space for short-term policy mix and various structural changes on
supply-side underway, combined with close cooperation between
public and private sector, promising opportunities remain for
Thailand to achieve sustainable long-term growth.”
The World Bank too has released its East Asia and Pacific
Economic Update, Adjusting to a Changing World, noting
that although there has been moderating growth among the
developing EAP countries, the region still accounted for more
than one-third of global growth. Global growth, according to
May 2015
Page 5

6. Continued from P. 5
NESDB Economic Outlook
Exports to the US and Australia grew by 5.6 and 9.5
percent, although those to the EU, China and Japan
declined, signaling continued challenges from the
global economy.
Although NESDB has lowered slightly its projection
for growth in the world economy to 3.4 percent from
3.5 percent, the Thai economy is seen to experience
continued growth for the remainder of the year. The
Board reports that public expenditure and investment
will continue to support the expansion, while private
expenditure and investment has picked up with better
confidence. In fact, for the rest of the year the NESDB
sees private investment expanding, owing to:
“(i) The acceleration of BOI project approval of 544
billion baht in the second half of 2014 and 217.6 billion
baht in the first quarter of 2015 and some of projects
will start their investment within this year.
(ii) Higher capacity utilization of some industries of more than
70 percent which will require additional investment to expand
production capacity. This is also in line with better Business
Sentiment Index soaring above 50 in the first quarter, the first
time in seven quarters.
(iii) The progress on public’s infrastructure project which will
help further stimulate private investment, and
(iv) The low level of interest rate.”
Manufacturing has started to improve and provide a better
contribution to the economy following the recovery of domestic
demand and the expansion in automotive production. This sector,
which showed expansion in the final quarter of last year, is likely
to continue improvement and make a greater contribution to
economic growth, as a result of the following sectors:
“(i) Automotive sector which experience higher export and
less contraction in domestic sales.
(ii) Petroleum sector which expand production compared to
its low base during the annual maintenance closure in the
previous year.
World Bank, should show a moderate increase, rising from an
average 2.5 percent in 2012–14 to 3.1 percent in 2015–17.
Oil prices, which the World Bank sees as one of two key
developments in the world economy, are projected to be lower on
average this year and rise moderately through 2017. Thailand is
among the countries noted to gain significantly from these lower
prices. Also noted is the fact that in December 2014 Thailand
ended its subsidy for liquefied petroleum gas and that last August
it revised its domestic fuel-pricing mechanism by raising taxes on
diesel but reducing them on gasoline. The Update further noted
that in 2012 fuel subsidies in Thailand amounted to 0.8% of GDP.
The World Bank projects 3.5 per cent growth for Thailand in
2015, with exports picking up slightly and imports falling due
to low oil prices. Tourism receipts are seen to recover in 2015,
with arrivals projected to rise by 10 percent. With high income
countries seen to continue recovery through 2016 and 2017, the
outlook for Thailand becomes even better.
Investors can rest assured that Thailand’s economic growth
has returned and the country remains a strong manufacturing
location with a bright future.
The National Economic and Social Development Board (NESDB)
reported in its Economic Outlook that the economy grew by 3.0
percent in the first quarter of the year, and is expected to grow
between 3.0 and 4.0 percent for the full year.
During this period, total investment increased from 3.2 percent
growth in Q4/2014 to 10.7 percent in the current quarter. “Public
investment expanded by 37.8 percent owing to 40.9 and 31.8
percent growth in investment by government and state-owned
enterprises respectively. Construction improved remarkably as
the disbursement of government’s capital budget in land and
construction grew as high as 74.1 percent, and State-owned
enterprise’s construction grew by 30.4 percent. At the same time,
investment in machinery by both government and state-owned
enterprises continue to grow. Private investment expanded
by 3.6 percent. Investment in construction and machinery and
equipment grew by 1.8 and 4.1 percent respectively. For the first
time in 7 quarters, the Business Sentiment Index (BSI) stood at
a level higher than 50 (the level which business expand their
investment) at 50.5 compared with 48.8 in the previous quarter.”
The tourism sector is improving with a 23.5 percent growth in
inbound tourists and 22.3 percent growth in tourism revenue.
NESDB writes that “The tourism sectors which will show a
continual and favorable expansion in the latter half of the year.”
May 2015
Page 6

7. Next step in Thailand-Russia
Investment Promotion
Cooperation
During 7-8 of April 2015 the Prime Minister of the Russian
Federation paid an official visit to Thailand. It is the first official
visit of a Russian Prime Minister in the past 25 years and is a
part of Russia’s policy of going east. The visit to Thailand aims
to strengthen relations and expand cooperation in various fields
that are mutually beneficial to each country.
Thailand and Russia have a long relationship, diplomatic as
well as economic; in two years, the two countries will celebrate
120 years of diplomatic relations. Leading up to that time, the
governments of Thailand and Russia will try to increase their
activities and business cooperation.
(iii) The recovery of domestic-oriented manufacturing sector
(with less than 30 percent of total production) which started to
expand gradually following a pickup in domestic demand and
the tourism sector.
(iv) The continual growth of export-oriented production in
some sector which is also in line with import volume of raw
materials and intermediate products that showed the first
expansion in the third quarter of 2014 before accelerating
steadily in the last quarter of 2014 and the first quarter of
2015.”
One thing that is clear from the NESDB report is that the economy
of Thailand is improving, displaying the strength of its resiliency
and its ability to meet the challenges of the global economy.
On the 8 April 2015 Mrs.Hirunya Suchinai, Acting Secretary
General of the BOI, signed a memorandum of understanding
(MOU) on investment cooperation with Mr.Alexey Likhahev, First
Deputy Minister of the Ministry of Economic Development of the
Russian Federation, at Government House. The prime ministers
of the two countries were there to witness the ceremony. It is
one of ten MOUs signed on that day which cover issues of
investment, tourism, energy, combating drug abuse cooperation
between government agencies, culture, and also technology
and business cooperation between Thai and Russian private
companies.
Thailand has a policy to promote investment from Russia into
Thailand and Thai investment into Russia. The BOI is aiming
to attract more investment from Russia, especially in the field
of advanced compound rubber & products, renewable energy,
jewelry and accessories, rail transportation, shipbuilding, IT,
biotechnology, advanced engineering, and environmentally
friendly technologies.
There are also opportunities for Thai investors in many
areas where Thailand has strength and the Russian market
is welcoming. Those sectors include agro-processing, food
production and processing, and automotive parts.
In order to encourage more investment, both parties will need
more cooperation and support from respective local agencies.
The BOI believes that finding the right local counterpart is a
key success factor for investment promotion and will help to
organize and facilitate the promotion of investment between
countries more effectively. The Memorandum of Understanding
on Investment Cooperation was therefore signed.
The MOU strengthens ties between the BOI and the Ministry
of Economic Development, the Russian agency responsible
for promoting investment, both domestic and international. The
investment promotion activities of Thailand and Russia will
increase starting this year.
May 2015
Page 7

8. BOI Road Shows to Promote
New Investment Promotion
Strategies 2015 – 2021
Since the announcement late last year of its 7-year investment
promotion strategy, 2015 – 2021, the Office of the Board of
Investment planned a series of investment road shows to explain
the changes in the new promotion policy.
The first road show took place during 18 – 20 February 2015,
when Deputy Prime Minister M.R. Pridiyathorn Devakula,
together with Industry Minister Chakramon Phasukavanich, led
a mission to Tokyo, Nagoya and Osaka, Japan, along with high
ranking BOI officials.
A seminar on the “New Investment Promotion Strategies:
Towards Sustainable Growth” was organized in the three cities,
and attended by a total of 1,423 participants. Deputy Prime
Minister M.R. Pridiyathorn delivered a keynote address on the
“Thai Economy: The Way Forward to Sustainable Growth”, in
which he highlighted the situation of the Thai economy and the
government’s economic policies for sustainable growth. He also
spoke about BOI new investment policy, promotion of Thailand as
a regional trading hub through the establishment of international
headquarters (IHQ) and international trading centers (ITC), the
digital economy, special economic development zones as well as
the strengthening of infrastructure among the issues discussed
in the speech.
The Industry Minister Chakramon Phasukavanich also gave
a speech on “Thailand’s Industrial Sectors: Opportunities and
Challenges”, and Acting BOI Secretary General Mrs. Hirunya
Suchinai gave detailed information on investment incentives and
promotion criteria under the new investment policy.
The delegation also met with representatives of business
associations such as Keidanren in Tokyo, Nagoya Chamber of
Commerce and Industry in Nagoya, and Kankeiren in Osaka, to
exchange views on BOI’s new investment policy as well as the
investment environment in Thailand. Japanese investors at both
seminars and networking meetings displayed a strong interest
in the promotion of IHQ/ITC and sought more details on scope
of business and tax incentives provided by the Thai Ministry of
Finance, apart from non-tax incentives offered by BOI. Questions
were also raised about additional incentives for merit activities
under the BOI’s new policy, where investors sought information
on the various types of merit activities.
The second road show of the year was organized to Seoul,
Korea, from 22 - 24 April 2015, and was led by Industry Minister
Chakramon Phasukavanich and BOI executives. An investment
seminar on new investment promotion policy was held where the
Industry Minister gave a keynote speech on the “Thai Economy:
The Way Forward to Sustainable Growth”, in which he explained
current economic policies such as the digital economy, promoting
Thailand as a trading hub through IHQ/ITC, and new plans to
strengthen infrastructure. There were 245 participants from
Korean companies, busness associations, and media who joined
the seminar. Also, the delegation met and exchanged views with
representatives from Korean business associations, including
the ASEAN – Korea Centre, Korean Association of Machinery
Industry, Korea Electrical Manufacturers Association, and the
Korea New & Renewable Energy Association.
During the seminar and meetings with business organizations
Korean investors indicated interest in the renewable energy
development plan in Thailand, the formation of the ASEAN
Economic Community by the end of the year, as well as the
infrastructure development plan, such as new railway lines.
The Third road show is being planned for Shanghai and Hong
Kong and will take place from 24 – 25 June 2015. The BOI
expects to hold seminars to explain its new investment promotion
policy, as well as the government’s economic policies that include
such items as IHQ/ITC development, the digital economy, and
the major infrastructure program.
Promotion campaigns are not only being held overseas, as the
BOI plans to organize a special seminar focusing on IHQ/ITC
for foreign business community in Thailand on 30 June 2015,
“Thailand: a Regional Trading and Modern Industry Hub”, at
Centara Grand and Bangkok Convention Center. Seminar details
can be found on the BOI website (www.boi.go.th).
Over the course of the year the BOI will continue to travel abroad
and also hold meetings with investors within Thailand to publicize
the new incentives being offered and support the economic
direction of the government.
May 2015
Page 8

9. Continued on P. 10
COMPANY INTERVIEW
KEEEN Limited
Innovation in Thailand is now a big deal. Company executives are
coming under increasing pressure to deliver more innovation from
their organizations. But the fact is that innovation is something
many Thai companies do not do particularly well. Even though
the government of Thailand creates more incentives and sets
aside more funds for research and development, and despite
many companies spending tens of millions of dollars in targeted
recruitment every year, the situation remains the same. A lack of
innovation. Yet one sunrise business stands out.
KEEEN Limited, a local manufacturer of products for oil spill
clean-up operations, intends to list on the Stock Exchange
of Thailand (SET) in the next few years, the first innovation
business to be registered on the capital market. The move came
after the company was invited by the Securities and Exchange
Commission (SEC) to draft a plan for listing on the SET as a way
to help raise funds for growth. KEEEN makes industrial cleaning
products with microorganisms and enzymes and bioremediation.
The products are a result of joint research with the National
Centre for Genetic Engineering and Biotechnology (BIOTEC)
over a two-year period. Proceeds from the IPO will be used to
develop production facilities in Asia and Europe. The company
also is developing a remover of oil stains for household use
under the UMI brand. Indeed, the company’s vision is to be the
leading company in the bioscience business with expertise in
industrial ecology management to minimize waste and energy
consumption and hidden industrial costs.
This month, the Thailand Investment Review team was afforded
the chance to meet and speak with Dr. Watson Ariyaphuttarat,
founder of KEEEN Limited and industry pioneer. The interview
took place at the recently inaugurated KEEEN Innovation
Center. A number of questions were asked to learn more about
the company as a Thai SME, its business activities, and the
company’s future plans.
KEEEN was established in 1992 as Hi-Grimm International Co.,
Ltd. In 2008, the company expanded to focus on environmental
products and was registered as Hi-Grimm Environmental and
Research Co., Ltd. Later, it was re-named as KEEEN Limited to
enhance its brand awareness. For over 20 years, the company
has been active in environmental product development in several
industries, both in domestic and international markets.
Dr. Watson pointed out that KEEEN recently has broadened
its operations in order to support growing market demand and
has developed strong links with Thailand’s flagship government
research program, the National Science and Technology
Development Agency (NSTDA). The company works with
NSTDA’s BIOTEC center to strengthen its research program
in biotechnology applications for environmental solutions.
Since 2012, it has collaborated in biotechnology research and
development in a strategic alliance with Mahidol University. For
Dr. Watson, environment impact concerns are a global trend
that encourages the industrial sector to adapt their production
processes to be more environmentally friendly and become
‘Green Industries’.
Furthermore, Dr. Watson highlighted that KEEEN engineers over
10 formulas that are created to suit the specific requirements of
different industries at lower prices while offering more effective
microbes with degradable biosurfactants. Additionally, production
is monitored closely through all the stages of the manufacturing
process: from culture and fermentation to product processing at
a modern technology operating facility. With a market dominated
by chemical-based and biodegradable cleansers, Dr. Watson
has sought to push a practical alternative – bioremediation – that
has permitted the company to provide a solution to its customers
like Toyota car service centers, B-Quick, Esso gas stations, and
S&P restaurants.
“KEEEN is a green, environmentally-friendly, innovative
technology which adds value to products by reducing waste
treatment costs”, declared Dr. Watson. “We can say that KEEEN
is a win-win situation for sustainable industry management”. In
fact, KEEEN has moved into the global “green market”, enhancing
environmental conservation and potentially bringing benefits to
every entrepreneur. The company not only uses a method that
can help reduce problems at the source and minimize pollution,
but also provides the following consulting services:
• Wastewater management
• Oil Storage Tank Degassing & Cleaning Remediation
• Oil Spill Response & Clean-up
• Industrial Applications
• Site Contamination & Remediation Service
• Sanitary Treatment
• Testing, Diagnosis & Research
Dr. Watson explained that public-private partnerships are
essential in driving the innovation cycle. In developing countries,
like Thailand, where small and medium enterprises comprise a
large portion of the economy and a heavy reliance on research
conducted in academic and public institutes, public-private
partnerships are even more crucial in driving the national
economy. When properly managed, the partnership can be
extremely rewarding for both parties. KEEEN is a perfect
May 2015
Page 9

10. Continued from P. 9
example. As Dr. Watson stressed,
the company’s products are the
result of collaboration between
BIOTEC, a government agency, and
KEEEN Limited.
In 2009, KEEEN based itself at the
Thailand Science Park, home to the
National Science and Technology
Development Agency (NSTDA)
and four NSTDA research centers,
which include BIOTEC. Recognizing
BIOTEC’s expertise in microbial
biotechnology and biological waste
treatment, KEEEN initiated a process of collaboration with
BIOTEC. The two parties embarked on a joint research project
to develop a commercial bioremediation agent in November
2008. Subsequently thereafter, KEEEN’s bioremediation agent
was launched in October 2010, offering solutions to wastewater
treatment; oil tank degassing and cleaning remediation; oil
spill response and clean up; industrial application and site
remediation; and sanitary treatment.
It can be said that Dr. Watson and his KEEEN staff are cutting-
edge technopreneurs. The company employs around 50
team members, both at the KEEEN Innovation Center and at
its research and development center, located at the Thailand
Science Park. The educational background of KEEEN personnel
ranges from bachelor degrees to PhDs. Dr .Watson has put
together a highly skilled team that consists of specialists in
marketing, sales, customer service, research, quality control,
and logistics. Growth and development of KEEEN staff is high
on the list for Dr. Watson as their advancement contributes to the
prosperity of the company.
KEEEN joined the NSTDA business incubation program in
2012. Under this program, KEEEN had opportunities to enter
a number of innovation competitions and deservedly earned
several awards, notably the Golden Medal Award from the 2012
Taiwan International Invention Show and Technomart, the Grand
Prize from the Asian Science Park Association in 2012, and the
Gold Medal from the 42nd International Exhibition of Inventions
at Geneva in 2014.
Dr. Watson mentioned that KEEEN currently has two official
representatives in Singapore and Finland, covering the Asia-
Pacific region and the European, Russian and the Middle
Eastern regions, respectively. Its products have been shipped
to South Korea, Malaysia, Singapore, Japan, Indonesia, and
India. In July 2014, KEEEN’s European Center will be opened
in Lahti, Finland, as a distribution center, training center, and
also packaging manufacturer in the near future. KEEEN aims
to move from a local brand to a
global brand, or to put it in KEEEN’s
terms, from “local ignition into global
satisfaction.”
When asked about the relationship
between the Thailand Board of
Investment (BOI) and KEEEN, Dr.
Watson stated that even though it
was in its embryonic stages, it was
very important to the company. The
formation of a partnership with the
BOI benefits KEEEN as it raises
the profile of the company within
Thailand as well as abroad. Dr. Watson is supportive of the BOI’s
new initiative to encourage Thai entrepreneurs to invest and to
do business overseas. This kind of activity will result in greater
innovation, better product/service quality, heightened operational
efficiency, more effective management practices, and enhanced
competitiveness. In short, adding significant value to the Thailand
brand. Also, Dr. Watson firmly believes that if the BOI and the
Thai SME sector strengthened their existing linkages that the
country’s economy would surge forward, particularly in light of
the upcoming ASEAN Economic Community.
The future looks bright. KEEEN has recently teamed up with
BIOTEC to develop a small-scale mobile microbial reactor for
on-site bioremediation. This reactor will allow on-site production
of microorganisms used in the treatment of oil-contaminated
wastewater. It will eliminate the cost of packaging and
transportation of bioremediation agents, making it suitable for
industrial sites that need to manage on a regular basis oil-
contaminated wastewater in high volume. KEEEN biotechnology
and Dr. Watson’s business model are all about striking a fine
balance between protecting the environment and turning in a
profit.
Under the leadership and vision of Dr. Watson, KEEEN has
been able to extend its reach beyond the borders of Thailand in
a very short time. It is a company that sees opportunity not only
within the ASEAN region but also globally. And it has the plans to
guide it to another level of operation and business sustainability.
In the words of Dr. Watson, “KEEEN has been on a journey
that started from inspiration to innovation, then from innovation
to greenovation, later from greenovation to satisfaction, and
finally from satisfaction to international recognition”. Born on a
university campus and developed on the floors of exhibition halls,
the KEEEN brand has earned a reputation for quality and that in
of itself is an intangible asset. As a pioneering sunrise business,
KEEEN aspires to transform Thai industry through example and
to assert itself as a leading “green market” multinational.
May 2015
Page 10

11. BOIActing Secretary General Hirunya Suchinai gave the opening
remarks and keynote address at the seminar on “Opportunities
for Thai Automotive Parts Market” which was held at SUBCON
Thailand 2015 on 13 May 2015, at BITEC Bangna.
Minister of Industry Chakramon Phasukavanich, BOI Acting
Secretary General Hirunya Suchinai and BOI Deputy Secretary
General Duangjai Asawachintachit attended the SUBCON
Thailand and INTERMACH 2015 Opening Ceremony on 13 May
2015 at Grand hall 202 BITEC Bangna.
Deputy Secretary General Chokedee Kaewsang welcomed a
group of US & Canadian journalists covering the automation
& machinery sectors on 11 May 2015 at the One Start One
Stop Service Center (OSOS), Chamchuri Square, and gave a
presentation on BOI investment policy.
Deputy Secretary General Duangjai Asawachintachit, together
with (from right) Mr. Andrew Park, Honorary Thai Consul-
General in Brisbane, Mr. Chirachai Punkrasin, Ambassador of
Thailand to Australia, Mr. Tim Gauci, Counselor and Mr. Wirat
Tatsaringkansakul, Director of BOI Sydney Office, at the seminar
to promote the new BOI investment policy on 15 April 2015 in
Brisbane, Australia.
Senior Executive Advisor Ajarin Pattanapanchai spoke about
Thailand’s investment trend and investment between Thailand
and East Asia at the East Asia Investment Symposium on 28
April 2015 in Nanning, China.
Executive Director Dr. Bonggot Anuroj welcomed President of
Yokohama IDEC Koichi Makino and Yokohama IDEC Officers
to the “Business environment and investment opportunities
in Thailand” seminar held on 14 May 2015 at BITEC Bangna,
Bangkok, and discussed areas for cooperation.
BOI’S MISSIONS AND EVENTS
May 2015
Page 11

12. THAILAND ECONOMY-AT-A-GLANCE
Source: Stock Exchange of Thailand
Source: Bank of Thailand
SET Monthly Closing Values
International Reserves / Short-term Debt (%)
Exchange Rate Trends
Industrial Capacity Utilization (%)
Head Office, Office of the Board of Investment 555 Vibhavadi-Rangsit Road, Chatuchak, Bangkok 10900, Thailand
Tel: +66 (0) 2553 8111 Fax: +66 (0) 2553 8316 Website: www.boi.go.th E-mail: head@boi.go.th
BEIJING
Thailand Board of Investment,
Beijing Office
Royal Thai Embassy
No.40 Guang Hua Road,
Beijing, 100600, P.R.China
Tel: (86-10) 6532-4510
Fax: (86-10) 6532-1620
E-mail: beijing@boi.go.th
FRANKFURT
Thailand Board of Investment,
Frankfurt Office
Bethmannstr. 58, 5.OG
60311 Frankfurt am Main
Federal Republic of Germany
Tel: (49 69) 92 91 230
Fax: (49 69) 92 91 2320
E-mail: fra@boi.go.th
GUANGZHOU
Thailand Board of Investment,
Guangzhou Office
Royal Thai Consulate-General
Guangzhou
No.36 Youhe Road, Haizhu
District, Guangzhou, P.R.C
510310
Tel: +8620 8385 8988
Ext. 220-225
+8620 8387 7770 (Direct Line)
Fax: +8620 8387 2700
E-mail: guangzhou@boi.go.th
LOS ANGELES
Thailand Board of Investment,
Los Angeles Office
Royal Thai Consulate-General
611 North Larchmont Boulevard,
3rd Floor, Los Angeles, CA
90004 USA
Tel: (1-323) 960 1199
Fax: (1-323) 960 1190
E-mail: boila@boi.go.th
MUMBAI
Thailand Board of Investment,
Mumbai Office
Royal Thai Consulate-General,
1st Floor, Dalalmal House,
Jamnalal Bajaj Marg,
Nariman Point, Mumbai
400 021 Republic of India
Tel: (9122) 2204 1589-90
Fax: (9122) 2282 1071
E-mail: mumbai@boi.go.th
NEW YORK
Thailand Board of Investment,
New York Office
7 World Trade Center,
34th Floor, Suite F, 250
Greenwich Street,
New York, NY 10007
Tel: (1-212) 422 9009
Fax: (1-212) 422 9119
E-mail: nyc@boi.go.th
OSAKA
Thailand Board of Investment,
Osaka Office
Royal Thai Consulate-General,
Osaka, Bangkok Bank Bldg.
7th Floor , 1-9-16 Kyutaro-
Machi, Chuo-Ku, Osaka
541-0056 Japan
Tel: (81-6) 6271-1395
Fax: (81-6) 6271-1394
E-mail: osaka@boi.go.th
PARIS
Thailand Board of Investment,
Paris Office
Ambassade Royale de
Thailande, 8, Rue Greuze
75116 Paris, France
Tel: (33 1) 5690 2600
(33 1) 5690 2601
Fax: (33 1) 5690 2602
E-mail: par@boi.go.th
SEOUL
Thailand Board of Investment,
Seoul Office
#1804, 18th Floor, Koryo
Daeyeongak Center,
97 Toegye-ro, Jung-gu, Seoul,
100-706, Korea
Tel: (822) 319-9998
Fax: (822) 319-9997
E-mail: seoul@boi.go.th
SHANGHAI
Thailand Board of Investment,
Shanghai Office
Royal Thai Consulate-General
15 F., Crystal Century Tower,
567 Weihai Road, Shanghai,
200041, P.R.China
Tel: (86-21) 6288-9728,
(86-21) 6288-9729
Fax: (86-21) 6288-9730
E-mail: shanghai@boi.go.th
STOCKHOLM
Thailand Board of Investment,
Stockholm Office
Stureplan 4C 4th Floor
114 35 Stockholm, Sweden
Tel: +46 (0)8 463 1158
+46 (0)8 463 1172
+46 (0)8 463 1174 to 75
Fax: +46 (0)8 463 1160
E-mail: stockholm@boi.go.th
SYDNEY
Thailand Board of Investment,
Sydney Office
234 George Street, Sydney,
Suite 101, Level 1,
New South Wales 2000,
Australia
Tel: +61-2-9252-4884
Fax: +61-2-9252-4882
E-mail: sydney@boi.go.th
TAIPEI
Thailand Board of Investment,
Taipei Office
Taipei World Trade Center
3rd Floor, Room 3E39-40,
No.5, Xin-Yi Road, Sec.5
Taipei 110, Taiwan, R.O.C.
Tel: (886) 2-23456663
Fax: (886) 2-23459223
E-mail: taipei@boi.go.th
TOKYO
Thailand Board of Investment,
Tokyo Office
Royal Thai Embassy
8th Fl., Fukuda Building West,
2-11-3 Akasaka, Minato-ku,
Tokyo 107-0052 Japan
Tel: (81 3) 3582 1806
Fax: (81 3) 3589 5176
E-mail: tyo@boi.go.th
Facts about Thailand
Population (2014) 65 million
ASEAN Population 625 million
Literacy Rate 96%
Minimum Wage 300 Baht/day
GDP (2014) US$ 373.6 billion
GDP per Capita (2014) US$5,445
GDP Growth (2014) 0.7%
GDP Growth (2015, projected) 3.5-4.5%
Export Growth (2014) -0.3%
Export Growth (2015, projected) 3.5%
Trade Balance (2014) US$ 24.6 billion
Current Account Balance (2014) US$ 14.2 billion
International Reserves (2014) US$ 157.1 billion
Capacity Utilization (2014) 60.48%
Manufacturing Production Index (2014) 168.2
Core Inflation (2015, projected) 1.59
Headline Inflation (2015, projected) 1.89
Consumer Price Index (Mar 2015) 106.33
(2011=100)
Corporate Income Tax 10-20%
Withholding Tax 0-15%
Value Added Tax 7%
Mar Average Exchange Rates
US$1 = 32.63 baht
€1 = 35.32 baht
£1 = 48.86 baht
100 ¥ = 27.11 baht
CNY1 = 5.23 baht
Top 10 Exports 2015 (Jan-Mar)
Product Share
Value
(US$ bn)
1 Motor cars, parts and accessories 12.30 6.56
2 Automatic data processing machines
and parts thereof
8.16 4.36
3 Precious stones and jewellery 5.13 2.74
4 Polymers of ethylene, propylene, etc
in primary forms
3.88 2.07
5 Refine fuels 3.46 1.85
6 Electronic integrated circuits 3.34 1.78
7 Rubber products 3.25 1.73
8 Chemical products 3.13 1.67
9 Machinery and parts thereof 3.03 1.62
10 Iron and steel and their products 2.68 1.43
Total 53.36
Source: Ministry of Commerce
Source: Bank of Thailand
Source: Bank of Thailand BOI
May 2015
Page 12