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Thailand launches new duty-free industrial zone

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BANGKOK, March 29 (Xinhua) - A new major duty-free industrial zone was launched on Tuesday to strengthen Thailand as a regional logistic hub, officials said here.

Bangkok Free Trade Zone, as the project is known for, is located nearest to central Bangkok.

Pornsarin Maethivacharanondh, managing director of Prospect Development Company Limited, the project's private developer, said that goods imported into the zone would pay no duties. Duties would have to be paid only when the goods are sold domestically.

"This can make Thailand as the distribution hub of the region," Pornsarin told Xinhua. "You can import large amount of goods into our zone and then re-distribute them to other countries, all duties-free."

For manufacturing sector, machinery and raw material could be imported, also duty-free, into the zone and the finished products could be exported from the zone.

Because of its location, the industrial complex is expected to help lower logistic costs of business operators.

Pornsarin said the project has already finished building 12,000 square meters of warehouses for rent, of which 11,000 square meters have already been booked.

The project will encompass a total area of 1.6 square kilometers, of which 1.12 square kilometers will be for commercial sale while the remaining will be for recreation and green space.

The project is supported by Finansa Public Company Limited and state-owned Krung Thai Bank Public Company Limited, both listed in the Thai stock market.

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