This year has seen significant progress on the EEC (Easter Economic Corridor) which has seen a wealth of investment this year, both foreign and internationally.
The total effected area is 13,285 square kilometres; the total investment targeted is some US$ 43 billion during the next five years, mostly through foreign direct investments. The plan is in line with the Thai government’s Thailand 4.0 policy, which takes into account the shifting to a value-based, innovation-driven economy.
The EEC is planned to be responsible for 20% of Thailand’s total GDP. The project will see all of the major shipping ports including the Dawei deep-sea port in Myanmar, Sihanoukville Port in Cambodia, and Vung Tau Port in Vietnam.
The government previously instigated an investment plan in 2016 to enable the Industrial heart land of Thailand to grow significantly. This will see the Eastern region become a major economic hub in Asia. The plan will see 3 Eastern provinces Rayong, Chonburi, and Chachoengsao reap the benefits of the Investment plan, with ten key industries targeted with growth.
The projects have been allocated an incentive rate of 50% reduction on corporate tax to entice investors. This rate is the lowest ever offered in Thailand. The projects are well under way now with the Highway project already visible. The expansion on Utapa terminal is also well under construction. Double-track-railway lines will connect Thailand’s industrial zones with the deep sea ports Laem Chabang, Map Ta Phut, and Sattahip.
The industries targeted for growth are:
- Next-Generation Automotive
- Eco-friendly Petrochemicals and Bio-Chemicals
- Automation and Robotics
- Food for the Future
- Digital industries.
- Medical Hub
- Affluent, Medical & Wellness
- Aviation industry
- Smart Electronics
These industries will be supported by the investment transportation network. The projects are reported as being ahead of schedule, these will also include a yacht marina giving access to leisure boat activities within the Andman sea.
The economic plan is expected to create 100,000 jobs a year in the manufacturing and service industries by 2020.