High speed train to EEC / Investment

Chatrudee Theparat

CP-led consortium AERA1 appeals to extend the promotional certificate

CP-led consortium, AERA1, a joint investors and operators of a high-speed rail project connecting three airports Don Mueang, Suvarnabhumi and U-tapao airport has appealed for the promotional certificate to the Board of Investment.

Secretary general of the BOI, Narit Therdsteerasukdi said AERA1 has already submitted again its extension for promotional certificate of the high-speed rail project.

AERA1 won the bid from the State Railway of Thailand (SRT) to build the high-speed rail linking Don Mueang, Suvarnabhumi and U-tapao airports, one flagship infrastructure project in the Eastern Economic Corridor (EEC). BoI declined to extend the promotional certificate for the third time after it expired on January 22.

He said the agency has planned to seek solutions soon to the Eastern Economic Corridor Office (EECO) and State Railways of Thailand. The conclusion will be finalized by this February.

“AERA1 informed to BoI that amending the contract with SRT is essential for the company to fund its project development.”

He said the AERA1 won BoI’s privileges from BoI on June 13, 2020, the company asked for the extension promotional certificate for two times in eight months, reasonably with waiting for its extension contract amendment.

Mr Narit said in the extension proposal for the promotional certificate of the second time, the company was required to submit the development plan to BoI. The company could not submit the development plan following its schedule.

EECO and SRT agreed that the company should accelerate its project development because it plays a significant role to EEC and the action could help create confidence among foreign investors.