Wednesday, November 13, 2019

Govt earmarks Bt380 bn to boost economy, EEC investment

Oct 17. 2019
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By THE NATION

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The Budget Bureau announced on Wednesday that it has finalised the drafting of the government budget for fiscal year 2020 to be presented to the House of Representatives today (October 17).

A source from the bureau revealed that the government has proposed a total budget of Bt3.2 trillion to drive the national strategies, reduce disparity and increase competitiveness and human potential.

The Bureau of Budget has allocated Bt380.803 billion or 11.9 per cent of the total budget to boost the country’s economy and ensure stable growth through 16 projects. The most notable of these is investment in the Eastern Economic Corridor (EEC), for which a budget of Bt17 billion has been set aside.

According to the source, the project will cover the construction and improvement of infrastructure and comprehensive logistics system via land, air and water in Chachoengsao, Chonburi, Rayong and adjacent areas. Part of the budget will be used for environmental and tourism promotion, development of smart city and personnel development to support the 12 targeted industries, which will ultimately fulfil the needs of the manufacturing and service sectors and attract foreign companies to invest in EEC areas.

The Budget Bureau expects that the EEC investment promotion project will attract at least Bt300 billion in investment annually, with investment value increasing by at least 10 per cent a year.

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