EASTERN ECONOMIC CORRIDOR INVESTMENT GROWTH
Updated: Jul 22, 2020
Today Asia is undisputedly the global leader driving investments and economic growth with China, The Republic of Korea, Japan, India and Asia powering this momentum. Asia is not only the home to a combined population of over 3.5 Billion people. But more importantly the combined GDP of Asia now accounts for 32% of the Global GDP.
Thailand centrality naturally forms the hub connecting the Asians economies. Thailand is strategically located at the heart of the Asian economic community. Thailand is surrounded by the worlds fastest growing communities. Thailand is undoubtedly the best investment destination. The EEC’s goal is to be the most complete and modern special economic zone. The EEC metropolis of the future. Gateway to Asia. The EEC is the most suitable location for investment. The Eastern Economic Corridor (EEC) is a region offering many competitive advantages, and has received widespread recognition the world over, due to implementation of strategies which stand to more conveniently link the EEC regions with foreign nations. In addition to this, the groups of industries targeted by the EEC show great developmental potential, and Thailand offers excellent utilities of support, which collectively allow for cost reductions in initial investments.
Furthermore, Thailand offers excellent industrial bases for agriculture, industry, services and world-class tourism, which are complete with industry-friendly inhabitants, who vigilantly hold to principles of environmental preservation, thus guaranteeing longevity and higher qualities of life. These qualities ultimately result in a region with great potential, one which offers ease of access for trade, and investment in ASEAN and eastern nations (China, Japan, South Korea, etc.). The EEC aims to develop Thailand’s industry and takes into account the shifting of Thailand’s economy into an innovation-based economy. It covers three provinces—Chachoengsao, Chonburi, and Rayong totaling 13,285 square kilometers. The government anticipates US$43 billion investment over the next five years, mostly through Foreign Direct Investment (FDI), and Public-Private-Partnerships (PPPs). The investment mainly focuses on four core essential areas which are infrastructure, business/industry, tourism and new cities. The Thai government also offers Public-Private Partnerships, which is a great opportunity for foreign companies to invest in the EEC. Under the Eastern Economic Corridor Act, foreign investors, collaborating with the Thai government in infrastructure projects, will acquire special regulatory rights under the sped-up PPP process, which takes only three months to implement. Within the EEC, investors are allowed to trade using foreign currencies directly without having to exchange them into Thai baht. This will enable easier trade resulting in the growth of imports and exports, since the foreign exchange risk is minimized, which impacts directly on company income, especially small companies having low profits and it also reduces cost of exchange risk management.
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