The Thai Chamber of Commerce (TCC) is urging the government to grant Thai businesses the same incentives that foreign investors currently enjoy.
This is viewed as vital for boosting production efficiency and bolstering the country's competitive edge.
Following a recent meeting with the Commerce Ministry, Sanan Angubolkul, chairman of the TCC, emphasised the necessity for Thai businesses to improve their production capability and machinery efficiency, thus they should receive the same benefits as foreign investors.
Poj Aramwattananont, vice-chairman of the TCC, noted that the Board of Investment (BoI) should renew tax incentives for Thai investors whose prior benefits have lapsed.
These include exemptions on corporate income tax and import duties for imported machinery to assist Thai investors in modernising production, particularly in sectors that are increasingly reliant on AI and robotics.
As Thailand prepares for negotiations with the US, Mr Poj underscored the need for comprehensive data on service trade, anticipating potential challenges related to a significant trade deficit attributed to payments for insurance, electronic services, franchise operations, social media data systems and software.
Mr Poj expressed confidence that concerns over the Uyghur issue would not adversely affect trade and investment, citing Thailand's commitment to human rights and international trade regulations.
Mr Sanan added that the chamber calls for the ministry to expedite discussions with China regarding the export of syrup and durian, aiming to streamline the export process and address issues related to the influx of low-cost imports.
Commerce Minister Pichai Naripthaphan said the ministry intends to enhance the value of Thai food products and agricultural goods through the Thai Select programme and various soft power initiatives.
The new data centre policy is expected to benefit the electronics and semiconductor industries.
The ministry also aims to promote exports to India, the Middle East and China.
Mr Pichai also mentioned that negotiations for free trade agreements (FTAs) are underway, including a signing with Bhutan planned for early April.
He said the Uyghur situation would not hinder Thai-EU FTA negotiations, with the fifth round scheduled to take place at the end of this month, focusing on goods and services.
The EU aims to finalise negotiations by Dec 25, aligning with the festive season.
Additionally, discussions with other nations such as the United Arab Emirates, South Korea and Canada remain in progress.
He mentioned that the ministry plans to engage in discussions with the BoI about the proposal to offer Thai investors the same investment incentives as those available to foreign investors.
He added that the economy is showing signs of growth, however, the country faces a significant challenge with a high level of household debt, currently at 90% of GDP, which is impacting consumer purchasing power.
The ministry has asked for collaboration with the chamber to tackle this issue.