ABSTRACT
The ISI gave way to export-oriented industrialization (EOI) in 1985. The Board of
Investment (BOI) extended its role since 1985 to promote FDI inflows, and foreign aid to
develop the basic infrastructure in Thailand. Export processing zones became a major target
of BOI’s development plans since. While the state through the BOI was engaged aggres-
sively in the promotion of industry, it did not participate in vetting, monitoring and apprais-
ing investment against incentives and grants. Some elements of industrial policy were visible
but not interventionist enough to shift relative emphasis to manufacturing. In fact, Rock
(1995) argued that Thailand’s export success did not owe much to its industrial policy.
