Government to boost benefits for companies locating regional operating headquarters in Thailand

Dep Minister of Finance Pradit Phataraprasit to lead an Open Forum on Wed 10th Feb to solicit direct input from private sector on how government can help them operate more competitively in the region


Deputy Minister of Finance Pradit Phataraprasit, today, (Wednesday 3 February) announced that the government is formulating plans to boost tax and non-tax benefits to companies that locate their regional operating headquarters in Thailand.

“We aim to reinforce Thailand’s position in the region as an important manufacturing and services hub,” said Deputy Finance Minister Pradit who chairs a committee charged with developing a set of recommendations that can make Thailand a more attractive location for the regional operating headquarters of companies.

He said, “The establishment of a regional headquarters in Thailand by giant foreign companies can generate enormous benefits for our country and accelerate economic growth. It results in the location in Thailand of many high-salaried expatriate managers; it means more demand for housing, more shopping and other spending, and more business for hotels and restaurants with a greater number of international events being organized in Thailand. It also means that Thai staff have more opportunity to become regional managers with much higher salaries and responsibilities.”

Mr. Pradit said that he is organizing an Open Forum meeting on Wednesday 10th February at the Queen Sirikit National Convention Center for the private sector to give direct input to him on how they believe Thailand could become more attractive as a regional operating headquarters for their companies.

“I want this to be a collaborative effort that gets the best ideas on the table, and to weed out what isn’t important to the private sector,” said Mr. Pradit.

He said that, “multiple government agencies are working together and all key people responsible for developing and submitting these recommendations for Cabinet approval will be present at the session to listen to the views of the private sector, including the Board of Investment, the Bank of Thailand, the Revenue Department, the Fiscal Policy Office, as well as the Federation of Thai Industries, and the Thai Chamber of Commerce, in addition to himself and the Permanent Secretary of the Ministry of Finance.”
HOW TO REGISTER TO ATTEND

Attendance is free. To book a place, please email or fax representatives’ Name, Title, and Company to ROHforum@gmail.com , or fax: 02-664 9515, Attention: Khun Pairoj. Reservations should be made no later than Monday 8th February. Seating is limited and available on a first come, first served basis. Presentations will be in English and Thai.

BEA Completes Sale and Purchase of BEA Canada and ICEA with ICBC

The Bank of East Asia, Limited (“BEA”) today announces that the agreements, which it reached with the Industrial and Commercial Bank of China Limited (“ICBC”) on 4th June, 2009 regarding the sale and purchase of The Bank of East Asia (Canada) (“BEA Canada”) and ICEA Finance Holdings Limited (“ICEA”) have been completed, following satisfaction of all pre-agreed conditions. BEA has completed the disposal of its 70% interest in BEA Canada to ICBC for a total consideration of CAD80,249,120 (equivalent to approximately HK$589.2 million). Meanwhile, BEA has also concluded its acquisition of ICBC’s remaining 75% shareholding in ICEA, for a total consideration of HK$372,154,045. The two transactions are inter-conditional, and with their completion today, ICEA immediately becomes a wholly-owned subsidiary of BEA, and BEA Canada ceases to be a subsidiary of the BEA Group. BEA and ICBC will continue to co-operate in the management and operation of BEA Canada and a shareholders agreement has been entered into between the three parties governing their respective rights and obligations. Commenting on the acquisition of ICEA, Dr. David K.P. Li, Chairman & Chief Executive of BEA, says: “We are pleased to welcome the customers, business partners, and staff of ICEA to the BEA Group. We look upon this acquisition as a prime opportunity to enlarge our customer base and to extend our market reach in the securities business. We are confident that with BEA’s expertise and resources to provide its customers with a broad range of financial services to cater for their diverse needs, ICEA will go from strength to strength.” ICEA was established in 1998 through the joint partnership between ICBC and BEA. The company principally engages in the provision of securities broking, underwriting, margin financing, and futures and options contracts dealing services.