U.S. companies keen to invest in Eastern Economic Corridor (EEC)
Several companies from the U.S. are interested in investing in the Eastern Economic Corridor (EEC), government officials said after a meeting between Thailand’s Finance Minister and Commerce Secretary Wilbur Ross, who was accompanied by U.S. executives.
The meeting took place during the summit of the Association of Southeast Asian Nations (ASEAN) in which Secretary Ross represented U.S. President Donald Trump. Thailand is the chair country of ASEAN for 2019 and hosted the 35th ASEAN Summit and related meetings in Bangkok last week.
Ross led a delegation of executives from 16 American companies to the meeting. He told Thailand’s Minister of Finance Uttama Savanayana that U.S. firms were considering investment and relocation opportunities in the Kingdom.
Thailand has been offering investment incentives to firms that choose to relocate to the Kingdom.
The EEC is Thailand’s advanced development zone, a three-province area just east of Bangkok that is home to the 12 industries the Kingdom is promoting to make its economy more competitive and sustainable.
Finance Ministry Spokesperson Lavaron Snagsnit said that U.S. companies in the energy, finance, and infrastructure sectors have shown an interest in EEC investment, and the government stands ready to support them if they choose to fund projects in the zone.
Commerce Secretary Ross also took the opportunity to congratulate Thailand on its sharp rise in the World Bank’s 2020 Ease of Doing Business rankings. Thailand advanced six places in the standings to 21st in the world, representing a continued substantial improvement in the Kingdom’s business environment.