Government planning four new economic corridors
Thailand is planning four new pathways for business, trade and investment. Building on the success of the Eastern Economic Corridor (EEC) advanced development zone, the government will create four new economic corridors to spread growth and new technologies to more regions of the country.
More corridors present more opportunities for investors, both domestic and foreign.
The four new economic corridors are the Southern Economic Corridor (SEC), the Northeastern Economic Corridor (NEEC), the Northern Economic Corridor (NEC) and the Western Economic Corridor (WEC). These zones will have infrastructure to connect industries with trading partners around the world. They will also help balance development within Thailand, increasing prosperity in underserved, less developed areas.
As many of the provinces in the new zones are largely rural, the intent is for some of the corridors to focus on bio-industries and make use of local agricultural raw materials and their waste.
The economic corridor model has been serving Thailand well. The flagship EEC garnered over $500 billion in pledged investments since its launch in 2018 through the end of 2021. Of that total, 80 percent has been from the private sector. Most of the rest consists of the massive investments in infrastructure by the government to support the zone.
The EEC’s success can also be measured in other ways. The special privileges and incentives for advanced and cutting-edge industries offered by the government have drawn the type of next-generation businesses that are helping to transform Thailand’s economy into one that is more innovative, creative and built on research and development.
By clustering certain industries in the EEC, the zone has helped foster business and other synergies. This includes relationships with the universities and technical institutes in the area.
Photo courtesy of: https://thaiembdc.org/2019/12/30/