Prime Minister Prayut Chano-cha boosts the Eastern Economic Corridor during a visit to the Industry Ministry
Prime Minister Prayut Chan-o-cha has vowed to bring forward the government’s flagship Eastern Economic Corridor (EEC) project, aiming for real investment in the area by next year.
“Thailand has not had such a big project to help create jobs and boost the economy as a whole for such a long time,” Gen Prayut said during a visit to the Industry Ministry yesterday. “That’s why we need to accelerate the project to achieve the goal as fast as we can.”
Gen Prayut said the laws governing construction and regulation of the project, which has already been approved by the cabinet, should pass the National Legislative Assembly (NLA) this year, clearing the way for real investment in the EEC by 2018.
“At this stage, I am satisfied with the progress of the EEC and I hope the new investment, mostly expected to be in high tech, will help create higher value in Thai products, as well as create higher income for the Thai people,” the prime minister said.
The EEC spans the provinces of Chon Buri, Rayong and Chachoengsao and will be designated as a high-tech industry cluster with an eye towards becoming Asean’s leading economic zone for industry, infrastructure and urban development.
The corridor is designed to accommodate the government’s 10 targeted industries of next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
According to the plan to develop the EEC, the government is prioritising the overhaul of U-tapao airport and the creation of a special economic zone, with the bidding and construction of the two projects expected to start this year.
Industry Minister Uttama Savanayana said the government has set aside a 6-billion-baht budget for fiscal 2017 to develop priority projects.
In addition, the Industry Ministry has approved up to 1,200 licences for private firms to allow construction of new factories in the EEC’s special economic zones.
“That would ensure that the 1,200 factories are due to start real investment by next year with a combined investment value of up to 130 billion baht,” said industry permanent secretary Somchai Harnhiran.
He said the Board of Investment (BoI) is holding a seminar on Feb 15 called “Opportunity Day”. More than 2,500 Thai and foreign investors are expected to join. The BoI and the Industry Ministry will highlight the EEC project’s benefits and privileges for investors, Mr Somchai said.