EEC expecting $10 billion in hi-tech investment this year

Officials in charge of the Eastern Economic Corridor (EEC), Thailand’s advanced development zone, said they were confident its hi-tech enterprises would receive at least $10 billion worth of investment this year.

Kanit Sangsubhan, Secretary-General of the EEC Office, said that the global recovery from the COVID-19 pandemic would be the driving force for rising investments in automation, smart cities, and electric vehicle manufacturing.

“The office is upbeat about surpassing its goal of $10 billion of actual investment this year,” said Kanit. “Many projects in the EEC have been implemented since early this year.”

The three-province zone just east of Bangkok has emerged as the hub for those and other higher technology industries. Thailand’s economic and development planners are counting on the corridor to provide the pathway for the Kingdom to achieve a higher level of development through innovation, creativity, green industries, digital industries and research and development.

The EEC received investment applications for 117 projects in the first quarter of 2021 with a combined value of $2.06 billion, 39 percent higher than the total value of the 117 projects filed in the same period of 2020.

While the economy is steadily on the rise this year, many economies are recovering while tempering expectations for investment. Most analysts have predicted that the global economic situation may return to pre-pandemic levels by mid-2022.

Nonetheless, Kanit said that investments in electric vehicle manufacturing could surpass expectations. Thailand’s attractive and generous investment incentives and privileges for that sector could accelerate growth beyond the pace of many forecasts.

Photo courtesy of https://thaiembdc.org/