EEC / investment

Chatrudee Theparat

EEC with high confidence to reach at least 100 billion baht in actual investment target this year

The Eastern Economic Corridor Office is strongly confident that the actual investment in EEC would reach a target of 100 billion baht this year.

Chula Sukmanop, secretary-general of the Eastern Economic Corridor Office (EECO) is confident that actual investment this year would reach 100 billion baht, thanks to the global economic recovery and ongoing geopolitics.

The actual investment accounted 70 billion baht last year in EEC, Thailand’s prime industrial area comprising Chonburi, Rayong, and Chachoengsao provinces. The agency plans to attract investors to have actual investment to meet at least 100 billion baht annually or 400 billion baht in three years.

He said the agency has planned to conduct roadshows this year including Europe, Japan and China. The first roadshow to Japan’s Osaka and Nagoya was organized in late January, in a joint operation with Suwit Tharaninpanich, chairman of the Renewable Industry Group, the Institute of Industrial Energy, Industrial Estate Authority of Thailand’s Deputy governor Nalinee Kanchanamai, and representative of the Federation of Thai Industries (FTI). The roadshow focused to persuade bio circular green (BCG) economy especially on clean energy & hydrogen energy.

Mr Chula said the team met Denso Corporation, executive vice president Yasuhiko Yamazaki. This company is a global leader to manufacture smart auto parts, and continued development clean technology, as well as executives of Toyota Motor Corporation to study on a manufacturing of battery for hybrid and hydrogen cars and consultation on expansion project to bring hydrogen technology to use in logistics in EEC.

In Nagoya, the team met executives of Kowa, which show an interest to invest on hydro technology and ammonia in South East Asia, and the largest manufacturers of the world, Daikin Industries’ executive officer Junichi Ohmori on expansion investment in EEC.

Mr Chula said the agency also collaborated to Mizuho Bank to organize market sounding for EEC’s business center and smart city. There are 39 participants such as the Ministry of Land, Infrastructure, Transportation and Tourism (MLIT), Urban Renaissance Agency (UR), Tokyo Electric Power Company (TEPCO), the largest power supply and providing service.

In 2023, Japanese application to the Board of Investment ranked fourth with 264 projects representing a combined value of 79.15 billion baht, a 60% increase from the previous year.

In terms of the regional distribution of investment, EEC led the ranking with 460.5 billion baht worth of investment, accounting for 54% of the total pledges. It was followed by the country’s central region which attracted around 262 billion baht worth of investment, or 31% of the total.