Prime Minister tells Economic Corridor to speed up perks

In trying times, time is of the essence. Prime Minister Prayut Chan-o-cha has ordered the government to speed up the design and unveiling of new and more competitive incentives for investors.

The perks and privileges would be targeted towards those interested in investing in S-curve industries in the Eastern Economic Corridor, or EEC, the Kingdom’s showcase advanced development zone.

Although the EEC is already popular with businesses, the economic turmoil caused by the Covid-19 pandemic has prompted many investors around the world to pause committing funds for new ventures.

Countries are competing more fiercely now for investment funds that are still available, and the Prime Minister intends to ensure that Thailand battles hard for new business.

Kanit Sangsubhan of the EEC Office said the Policy Committee chaired by Prime Minister Prayut found promotional privileges for five of the government’s new S-curve industries should be revised to be competitive with other countries.

The 12 targeted S-curve industries are cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; medical services; defense; and education development.

Kanit said that the recent decision to allow business people and investors as one of the first groups of foreigners to visit the Kingdom upon its July 1 reopening would help attract investment.

“The EEC has kept in contact with foreign investors, and in July, the government is expected to ease the lockdown measures and allow foreign business travelers to enter the country,” he said.

The Japanese Chamber of Commerce, Japan External Trade Organization, and foreign companies from South Korea and other countries submitted a petition to the EEC, asking the government to permit foreign executives and technical personnel to enter Thailand to support continued investment in the corridor.

Photo courtesy of https://www.boi.go.th/index.php?page=thailand_advantages