EEC expecting over $13 billion in real investment this year
The private sector will make the lion’s share of an expected $13 billion in real investment this year in the Eastern Economic Corridor (EEC), Thailand’s premier advanced industrial zone, as high-tech and green development continue to grow in the Kingdom.
“Private investment is expected to become more active this year after being delayed from last year due to the pandemic,” said Kanit Sangsubhan, Secretary-General of the EEC Office.
About 75 percent of the $13 billion is likely to come from businesses. The remainder would be government investment in infrastructure for the zone. The administration is committed to pouring funds into projects including a high-speed rail linking Suvarnabhumi, Don Mueang and U-Tapao International Airports, U-Tapao Airport renovation, and Map Ta Put Industrial Port phase 3 and Laem Chabang Port phase 3.
The EEC is a three-province showcase for Thailand’s shift towards a higher level of development. It is adjacent to the capital of Bangkok and encompasses the Eastern Seaboard, the Kingdom’s first major industrial zone decades ago.
The Corridor is proving to be the preferred location for many foreign investors because of its advanced infrastructure and logistics and the generous support by the government in terms of perks, incentives, and services for businesses engaged in industries and activities that will accelerate advanced development.
“By the middle of this year, there will be large-scale investment applications for battery and electric vehicles, medical equipment and projects relating to 5G technology such as data storage from other countries, including the U.S.,” Kanit said.
According to the Board of Investment (BOI), in 2020, there were 453 applications worth $6.8 billion in the EEC, with 79 projects or the equivalence of 46 percent proceeding with the actual investment.
Photo courtesy of: https://www.sme.go.th/en/