Thailand
Thailand – Ministry: B100bn to EEC in 2018
The Industry Ministry is confident that investment value in the flagship Eastern Economic Corridor (EEC) will reach 100 billion baht in 2018, thanks to the rise of new S-curve industries.
Industry Minister Uttama Savanayana said the EEC will be a key economic engine to beef up the country’s GDP and improve competitiveness at the global level.
More than 30 domestic and foreign companies are interested in targeted EEC industries such as high-tech electronics, smart cars, robotics and medical services, he said.
“The EEC Act will be implemented by the end of January following the delay caused by the Council of State, who wanted to recheck details before approving the act,” Mr Uttama said. “According to the Board of Investment, many investors are interested in joining the EEC, and the BoI itself said some investors have already applied for privileges in the 10 targeted industries.”
Mr Uttama said German carmaker BMW Group has decided to invest in the EEC, while Japanese maker Toyota Motor Corporation will further expand its new production facilities in the flagship location.
The EEC is aimed at promoting long-term investment in three strategic eastern provinces: Rayong, Chon Buri and Chachoengsao.
Mr Uttama said the government will issue the terms of reference for several infrastructure megaprojects this year, including the Don Mueang-Suvarnabhumi-U-tapao high-speed rail network, worth 210 billion baht; the U-tapao airport upgrades, worth 160 billion baht; deep-sea ports at Sattahip, Map Ta Phut and Laem Chabang, worth 8 billion baht; and other infrastructure projects valued at 150 billion baht.
He said the ministry has promoted and supported small and medium-sized enterprises. It expects local SMEs to benefit from the Big Brothers project, in which large firms will guide smaller ones.
“The ministry will invite 50 large companies both locally and overseas to help SMEs, with PTT, CP and SCG already on board with the project,” Mr Uttama said.
Thailand has about 3.3 million SMEs.
Moreover, the cabinet has already approved SME stimulus measures and soft loans of 90 billion baht to help SMEs access investment.
The government expects the new measures to boost the country’s economy sustainably and increase SME money circulation to 1 trillion baht.
The state has teamed up with financial institutions to provide lending schemes for SMEs and support them should they wish to expand to overseas markets.
Source: https://www.bangkokpost.com/business/news/1393770/ministry-b100bn-to-eec-in-2018