Japan set to lend helping hand on EEC
The government is working closely with Japan’s Ministry of Economy, Trade and Industry (METI) to speed up Japanese investment in the Eastern Economic Corridor (EEC).
Industry Minister Uttama Savanayana said Thailand will sign a memorandum of understanding (MoU) during a June 4-8 roadshow in Japan.
The MoU is to be submitted for cabinet approval today, he said.
Under the agreement, Thailand will provide support to Japanese investors, while METI will exchange investment information and transfer new technology to help accelerate new Japanese investment in Thailand’s flagship EEC project.
The EEC was designed as a new engine of growth, with the aim of helping Thailand escape the middle income trap through the “Thailand 4.0” concept.
The government aims to attract 30 leading multinational firms to invest in the EEC over the next two years.
The area is meant to be Thailand’s new growth engine, featuring high-tech and innovative industry clusters.
The EEC, spanning 30,000 rai in the provinces of Chon Buri, Rayong and Chachoengsao, is intended to accommodate investment in 10 targeted industries.
“We will provide all the facilities to attract new investment from Japan, while METI will help provide information for investors to use Thailand as production and logistics bases for trade and investment in the CLMV group,” Mr Uttama said, referring to neighbouring Cambodia, Laos, Myanmar and Vietnam.
For the latest roadshow to be held in Japan next week, Mr Uttama said the Thai government plans to set up talks with businesses the major prefectures of Mie, Nara, Wakayama, Kyoto, Osaka, Hyogo and Shiga, which are major bases for small- and medium-sized enterprise (SMEs).
“We aim to meet around 80 leading Japanese international companies, their supply chains and SMEs,” said Mr Uttama.
In Bangkok, the Japan External Trade Organization urged the Thai government to conduct a presentation laying out the details of the EEC during the roadshow, saying many Japanese companies are interested in the project and want to see clearer plans and policies for it.