Thai­land: US$45b de­vel­op­ment plan will go ahead

The Sun (Malaysia) - - SUNBIZ -

BANGKOK: A 1.5 tril­lion baht (US$45 bil­lion/RM190 bil­lion) plan to re­de­velop Thai­land’s in­dus­trial east will go ahead re­gard­less of who­ever takes power af­ter elec­tions, the mil­i­tary govern­ment told hun­dreds of Ja­panese in­vestors yes­ter­day.

The rul­ing junta, faced with weak ex­ports and slug­gish do­mes­tic de­mand, has fo­cused on pro­mot­ing in­vest­ment to help re­vive growth in South­east Asia’s sec­ond-largest econ­omy, which lags re­gional peers.

The mil­i­tary govern­ment hopes the Eastern Eco­nomic Cor­ri­dor (EEC) de­vel­op­ment project will lift growth to about 5% a year by 2020, from the lat­est govern­ment es­ti­mate of 3.5 for 2017.

“Re­gard­less of which govern­ment is in of­fice, or when the elec­tion will be held, the EEC plan will con­tinue, with cer­tainty,” Prime Min­is­ter Prayuth Chan-ocha told a gath­er­ing of 570 in­vestors flown in from Ja­pan.

“It is law, an act em­bed­ded within the 20-year na­tional strat­egy, and sup­ported by the na­tional de­vel­op­ment plans.” – Reuters

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