EEC

Chatrudee Theparat

Maintain to draw a 2.2 trillion baht investments in five years

EEC’s Secretary-General “Chula Sukmanop” unveils his vision to move forward the Eastern Economic Corridor to attract investors from worldwide to reach a target of 2.2 trillion baht within 5 years.

Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office (EECO) announced his management vision after officially assumed the post on April 1, 2023 to place EEC to become a model of sustainable development area which Thais pin their hopes to, while being a prime target of investors and international communities.

The agency has maintained its primary target to draw a 2.2 trillion worth of total investments into the country, that will help the economy to grow by 5 % annually, and will strive for its maximum achievement.

Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office (EECO)

The objective is to achieve a goal to bring in a total investment of 2.2 trillion baht, fostering new investments valued at 400 billion per annum - comprising of the baseline investments amounted to 250 billion baht, and additional investments totaling 150 billion baht from the new industries which possess a high potential including medical, logistics, and agriculture innovations under the bio-circular-green economy (BCG).

Two roadshows will be organized next month in Italy and Switzerland focusing on medical industry after the first roadshow organized in Japan two weeks ago.

He said an urgent task is to review the EEC’s overall development plan to align with the future global context such as impacts from the Covid-19, the global economic recession, the approaching of the ageing society, as well as trends and directions of future industries.

The new plan will facilitate investments next 5 years, upgrading its capability to attract investors from new industries, and aligning with investment trends in Thailand and internationally.

The guidelines for facilitating investment, which is regarded as the main factor, and for hastening the confidence of investors over the EEC scheme comprised of discussing with industrial land developers to designate areas for attracting each group of businesses.

EECO is preparing to develop high-skill labors in the area to become part of the package to attract investors who will be convinced that EEC has a pool of workforce with skills matched to their certain needs.

The agency planned to amend its legal and regulatory mechanism to make it easier for investors and to facilitate their investments in the EEC area and enhance the efficiency of transport and logistics infrastructure to bring down the operating costs of investors in the area.

The agency has laid down frameworks for its key missions to move forward four infrastructure projects to accelerate negotiations with the private sectors.

The projects included the high speed rail to link three airports whose target is to issue the notice to proceed (NTP) to allow the private developers to commence the construction and to hand over the right to use the land on the Phyathai-Donmuang section to the developers.

U-Tapao International Airport and the Eastern Aerotropolis Development project whose target is to issue the NTP and the invitation to bid for the construction of the second Runway.

To follow up the completion of land reclamation for the Map Ta Phut Port Phase 3, and the Laem Chabang Port Phase 3,

Furthermore, the EECO will spearhead new and important Public-Private Partnership (PPP) projects including the Pluak Daeng 2 Hospital projects.