Thailand pushes projects for Eastern Economic Corridor

Thailand Pushes Projects For Eastern Economic CorridorThe Thai government continues to promote investment in the Eastern Economic Corridor (EEC), one of the largest economic initiatives geared particularly towards foreign investors. This time, innovation, electric vehicles and the railway sector are being addressed.

At a recent meeting of Thailand’s Board of Investment (BOI), support of investment in the so-called EECi, or Eastern Economic Corridor of Innovation, was pushed. This would involve the establishment of a science park in the corridor to foster research and development. Companies looking for investment incentives must apply for the privileges by December 30, 2019 and establish a base of operations in the EECi by December 30, 2022.

Furthermore, the BOI resolved to support investment in the Orange Line electrified railway from Bang Khun Non to Minburi, as well as in plug-in hybrid electric vehicles, which are currently being developed by the Thai subsidiary of Japanese auto maker Mitsubishi Motors.

The meeting also endorsed other projects, including the establishment of science parks in the provinces of Chiang Mai, Khon Ka and Songkhla, representing the North, Northeast and South of Thailand, respectively. The science parks would foster scientific research in the wider region and enhance the competitiveness of Thai businesses.

Meanwhile, the EEC has received applications from investors for 86 projects for the time span up to 2021, representing a total of 13 billion baht ($420 million) as of February 2019. This comes in addition to the mega project of a $7.2-billion high-speed railway connecting three major airports – Suvarnabhumi, Don Mueang and U-Tapao –, as well as phase three of the Laem Chabang Port expansion and the establishment of an aviation maintenance facility.

The area selected by the Thai government for the EEC covers the provinces of Rayong, Chonburi and Chachoengsao southeast of Bangkok and – according to the project – should be transformed in a few years into one of Asia’s top hubs for business, investments and logistics.

It is expected that the EEC will need around 30,000 qualified workers in the fields of electronics, food processing, rubber, plastics, logistics, hotels, banks, construction and retail. The government is currently drafting a plan to build up talent to match the demand after investors expressed concern about the inadequacy of a sufficiently skilled workforce for the special economic zone.

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The Thai government continues to promote investment in the Eastern Economic Corridor (EEC), one of the largest economic initiatives geared particularly towards foreign investors. This time, innovation, electric vehicles and the railway sector are being addressed. At a recent meeting of Thailand’s Board of Investment (BOI), support of investment in the so-called EECi, or Eastern Economic Corridor of Innovation, was pushed. This would involve the establishment of a science park in the corridor to foster research and development. Companies looking for investment incentives must apply for the privileges by December 30, 2019 and establish a base of operations in the...

Thailand Pushes Projects For Eastern Economic CorridorThe Thai government continues to promote investment in the Eastern Economic Corridor (EEC), one of the largest economic initiatives geared particularly towards foreign investors. This time, innovation, electric vehicles and the railway sector are being addressed.

At a recent meeting of Thailand’s Board of Investment (BOI), support of investment in the so-called EECi, or Eastern Economic Corridor of Innovation, was pushed. This would involve the establishment of a science park in the corridor to foster research and development. Companies looking for investment incentives must apply for the privileges by December 30, 2019 and establish a base of operations in the EECi by December 30, 2022.

Furthermore, the BOI resolved to support investment in the Orange Line electrified railway from Bang Khun Non to Minburi, as well as in plug-in hybrid electric vehicles, which are currently being developed by the Thai subsidiary of Japanese auto maker Mitsubishi Motors.

The meeting also endorsed other projects, including the establishment of science parks in the provinces of Chiang Mai, Khon Ka and Songkhla, representing the North, Northeast and South of Thailand, respectively. The science parks would foster scientific research in the wider region and enhance the competitiveness of Thai businesses.

Meanwhile, the EEC has received applications from investors for 86 projects for the time span up to 2021, representing a total of 13 billion baht ($420 million) as of February 2019. This comes in addition to the mega project of a $7.2-billion high-speed railway connecting three major airports – Suvarnabhumi, Don Mueang and U-Tapao –, as well as phase three of the Laem Chabang Port expansion and the establishment of an aviation maintenance facility.

The area selected by the Thai government for the EEC covers the provinces of Rayong, Chonburi and Chachoengsao southeast of Bangkok and – according to the project – should be transformed in a few years into one of Asia’s top hubs for business, investments and logistics.

It is expected that the EEC will need around 30,000 qualified workers in the fields of electronics, food processing, rubber, plastics, logistics, hotels, banks, construction and retail. The government is currently drafting a plan to build up talent to match the demand after investors expressed concern about the inadequacy of a sufficiently skilled workforce for the special economic zone.

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