Board of Investment urged to promote biotechnology business

BANGKOK, Aug 7 – Thailand's Board of Investment must shift its focus to granting investment promotions to biotechnology business as part of an effort to promote Thailand as the biotechnology hub in the region, according to Industry Minister Chaiwuti Bannawat.

Speaking at a seminar on “Investment Promotion for Biotechnology Business” held by the Board of Investment he said that biotechnology is considered a key targeted business for the country's new investment promotion plan.

He said the BoI had granted investment promotions to the biological business sector since 2007, but the number of investment projects remains small.

So, the investment agency must step up its efforts to make investors aware of the promotions.

BoI Secretary-General Atchaka Sibunruang said the agency had given promotional privileges to the biological business sector beginning in February 2007.

So far, nine projects with total investment of Bt 298.7 million had received investment promotions. “A key obstacle to promoting the business now is that entrepreneurs are indifferent with the biotechnology. Development of the business is only seen among research institutes and universities,” she said. (MCOT online news)