UPDATE 1-Thailand approves $1.34 bln of investment plans

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BANGKOK, June 17 (Reuters) - Thailand has approved five investment project applications worth about 41.8 billion baht ($1.34 billion) and measures to strengthen the agricultural sector and agro-industry, the state investment agency said Wednesday.

Of the pledges, Thai Oil will invest 24.1 billion baht to produce 250 megawatts of electricity using oil waste, while B.Grimm Power will spend 6 billion baht on a natural gas-fired power plant, the Board of Investment (BOI) said in a statement.

Summitr Group will invest 5.5 billion baht to produce about 30,000 electric battery-powered vehicles a year, mainly for the domestic market, the BOI said.

Envico will invest about 2.47 billion baht to produce recycled plastic pellets, and Bangkok Arena will spend about 3.75 billion baht to build a convention hall, the BOI said.

“It is very encouraging to see that despite the global economic situation due to COVID-19, Thailand, which has done well in containing the outbreak, sees a continuous flow of investment,” BOI secretary-general Duangjai Asawachintachit said.

The agency said it had also adjusted investment promotion terms and benefits for the agricultural industry to encourage the use of technology and innovation. ($1 = 31.15 baht) (Reporting by Orathai Sriring and Kitiphong Thaichareon Editing by Ed Davies)