Thailand looks to lure more private investment in eastern economic corridor

Illustrative image (Photo: https://www.aseanbriefing.com/)

Bangkok (VNA) - The Eastern Economic Corridor (EEC) Office is speeding up efforts to encourage private companies to join the government in transforming the economic zone into Thailand's high-tech industrial hub.

 Kanit Sangsubhan, special advisor for the EEC's strategic planning, said co-investment between businesses and the government is key to the goal.

Authorities will allocate 5% of the state budget each year to support new investment projects, he noted.

The EEC is expected to host 12 spearhead industries, including electric vehicles (EVs), smart electronics, and affluent, medical and wellness tourism.

Mr Kanit expects the EEC to play a key role in driving the Thai economy, which is projected to post growth of 3.2% this year and 3.6% in 2023.

Experts believe that the EEC will help the government attain its goal of pulling Thailand out of the middle-income trap, he said.
According to Kanit, second-phase development at the EEC is expected to contribute 4.5-5% of economic value to Thai GDP./.

VNA