The Board of Investment of Thailand: EEC
Jumpstart Brings Thailand Closer to Become Key ASEAN Investment and Technology
Hub
NEWS PROVIDED BY
02 May, 2017, 09:12 ET
BANGKOK, May 2, 2017 /PRNewswire/
-- The Thai government emphasized on its readiness to jumpstart the new
regional's economic hub, the Eastern Economic Corridor (EEC), as infrastructure
development under the EEC Scheme, including the capacity expansion of U-Tapao
International Airport, is progressing as planned. The EEC Scheme is in the
process of seeking approval from the National Legislative Assembly and will be
soon implemented in later 2017.
The first meeting of the EEC Development
Policy Committee, chaired by the Prime Minister Gen. Prayuth Chan-o-cha,
agreed on the establishment of the "eastern aviation city," or
"Aeropolis," in the vicinity of U-Tapao International Airport to help
promote the EEC. There will be the development of three business groups in the
future including Sattahip Commercial Port, a Specialized Medical Center, and
defense technology. The meeting also agreed to have the State Railway of Thailand conduct
the feasibility study on the development of high-speed train system linking
Suvarnabhumi, Don Mueang & U-Tapao airports, to maximize the benefits of
the "Aeropolis" to the country. The Policy Committee also endorsed
the development plan for the Eastern Economic Corridor of Innovation (EECI)
under the Ministry of Science and Technology in Wang Chan Valley and Rayong
province and the Eastern Digital Innovation Park under the Ministry of Digital
Economy and Society in Sri Racha, Chonburi.
In this occasion, Prime Minister Gen. Prayuth
led a group of Thai and international media representatives to visit the new
face of U-Tapao International Airport, which showcased the country's capability
to become the aviation hub of the region. Developed under the "One
Airport, Two Missions" concept, U-Tapao International Airport was
initially built for national security purpose but later expanded its capability
to serve commercial aviation services. The group later visited the Maintenance,
Repair and Overhaul Center located at the airport.
Aviation is among nine target industries
being promoted in the three provinces in EEC area, in which key focuses are
those involving high technology and extensive research and development, and
crucial to the development of the country's infrastructure and logistics, and
promotion of tourism destinations in the areas. Other target industries are
Next-Generation Automotive, Smart Electronics, Eco-friendly Petrochemicals and
Bio-Chemicals, Automation and Robotics, Medical Hub, Affluent, Medical &
Wellness Tourism, Food for the Future and Digital industries.
Prime Minister Gen. Prayuth said that, "The
Thai government is keen to offer a full support to international investors in
these target industries who strive to achieve sustainable development goals,
bring a better quality of life to the local community and provide continuing
opportunities for local SMEs. We have qualified workforce in the market, as
well as utilized best efforts in mitigating investment obstacles and offering
attractive privileges and incentives. Most importantly, the EEC Scheme, which
was developed for constant and sustainable development, has now been approved
by the Council of State and in the process of seeking the Cabinet's
approval."
On the same day, the Prime Minister also met
with 21 top business leaders in relevant organizations and industries including
Amata Corporation Public Company Limited, The Japan External Trade Organization
(JETRO), PTT Global Chemical Company Limited, Senior Aerospace (Thailand)
Limited, BMW etc.
Amata affirmed the EEC development supported
both local and international investment to align with Thailand 4.0
roadmap, through the recent collaboration with Yokohama Smart City Project
provides the blueprint of development of smart city in Amata Nakorn Industrial
Estate reduce power consumption and the ambition to build the city of education
with a total of 7 educational institutes in the estate.
JETRO expressed that Japanese investors were
confident on the clear direction of the EEC project and optimistic about the
Thai government's recent announcement of Investment Promotion Act 2017.
According to Senior Aerospace, to be a part
of the new EEC program is a good opportunity to educate local people as well as
learn from them, while strengthening the mutual relationship, as well as marks
the beginning of business expansion into the future where they foresaw more and
more new players in the aviation sector.
PTTGC, as a veteran investor in the areas,
expressed readiness to embrace new business partners in value-added industry
sectors.
The Board of Investment of Thailand (BOI)
set new chapter of investment promotion - Investment 4.0 to align with the Thai
government's Thailand 4.0 policy, which takes into account the
shifting to value-based, innovation-driven economy, the development of human
capital, and the creation of high value service. BOI's mission to promote
investment in the EEC focuses on core technologies that Thailand has
strong potential, including biotech, nanotech, advanced material and digital
technology. This is in line with BOI's.
According to the BOI, those investing in EEC
area will enjoy special incentives that are highly competitive and considered
'most enticing ever' offered in Thailand. These include 50% deduction on
corporate income tax (CIT) for five years in addition to a CIT exemption of 13
years and other incentives granted in line with the Competitive Enhancement
Act, which includes a maximum corporate income tax exemption of 15 years, among
others. The government will also provide other supports including eliminating
barriers, rules and regulations in order to generate real, high-value
investments as well as One Stop Service to facilitate investment in the area.
The EEC, consisting of three Eastern
provinces Chachoengsao, Chonburi and Rayong, is expected to be a flagship
investment and technology hub of Thailand and reshape the future of
the country. The development of EEC will bring a great deal of benefits to
other regions of Thailand as it directly connects to other Eastern
provinces including Prachin Buri, Srakaew, Chantaburi and Trad, as well as
serve as economic link between upper and lower Northeastern region, and the
Gulf of Thailand.
For more information, please contact
Name: Apichaya Sophonratana
Tel: +662-553-8111 Ext. 6932
E-mail: thailandinvestmentyear@gmail.com or visit www.boi.go.th
Name: Apichaya Sophonratana
Tel: +662-553-8111 Ext. 6932
E-mail: thailandinvestmentyear@gmail.com or visit www.boi.go.th
SOURCE The Board of Investment of Thailand (BOI)
Original post: prnewswire.com
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