TUESDAY, April 23, 2024
nationthailand

Eastern Economic Corridor continues to flourish, official says

Eastern Economic Corridor continues to flourish, official says

Investment in Thailand’s Eastern Economic Corridor (EEC) has been continuing to expand since it was legally inaugurated in 2018, with the number of investment promotion applications rising by 92 in the first two months of this year.

Their total investment value is 90.3 billion baht, Trade Policy and Strategy Office director Poonpong Nainapakorn said.

The number of applications for investment promotion in 2022 increased by 40.6% year on year to 637 projects. Combined, their total investment value rose by 62.7% year on year to 358.83 billion baht, according to official data.

During the first quarter of this year, exports from the EEC totalled US$18 billion, accounting for 25.5% of the country's total exports during the quarter, Poonpong said. This represented a 4.3% expansion from the same period of the previous year.

The export product with the highest value was electrical circuits, worth $1.1 billion, accounting for 6.2% of the EEC's exports. This also represents almost half (48.6%) of the country's total electrical-circuit exports.

In addition to supporting the country's exports and industrial growth, investment in the ECC also has positive effects on the overall expansion of surrounding urban communities. This is reflected in the increasing number of legal entities in the area between 2018 and 2022, with an average annual increase of 4.8%. In the first quarter of this year, the number of legal entities in the area increased by as much as 33.09%, with over 98% of them being small- and mid-sized enterprises that opened to meet the steady demand for housing and other service sectors.

To support the EEC’s success, it is vital to upgrade the skills of Thai workers in targeted industries and facilitate technology transfers from foreign investor countries, Poonpong said. Accelerating the development of underlying infrastructure will not only attract more investment, but will also benefit the development of cities and surrounding communities, Poonpong said.

The number of applications for investment promotion in 2022 increased by 40.6% year on year to 637 projects. Combined, their total investment value rose by 62.7% year on year to 358.83 billion baht, according to official data.

The EEC comprises three provinces: Chachoengsao, Chonburi and Rayong, and was developed to attract investments in 10 key industries: next-generation automotive, smart electronics, affluent and wellness tourism, agriculture and biotechnology, food for the future, robotics, aviation and logistics, biofuels and bio-chemicals, digital, and medical hub.

Its strategic location, upgraded infrastructure, investment incentives and skilled workforce are promoted as its key attractions for both domestic and foreign investment.

nationthailand