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Thailand’s EEC a boon to investors
Date Published：3/12/2018 09:03:05 AM
THE approval of the law to develop Thailand’s Eastern Economic Corridor (EEC) aims to bring in more foreign investments to the local economy. The EEC will benefit the growth of the country’s top 10 target industries and its Thailand 4.0 initiative, amongst which is agriculture and food, according to a report in the ASEAN Briefing. Down the road, the EEC law will help develop other provinces in the country including Chonburi, Rayong, and Chachoengsao into ASEAN economic zones.
The EEC cost USD 45 billion. Under the EEC law, investors are exempt from foreign land ownership for Board of Investment promoted projects. They are allowed to lease commercial/industrial land for up to 99 years, and 50 years for residential development. They will be provided a five-year business visa, and are allowed to hire foreign employees with particular professions or expertise, and the issuance of visas and work permits will be facilitated. Furthermore, infrastructure projects to be conducted with the Thai government have special regulatory rights in Public-Private Partnership (PPP).
In preparation for this growth, Thailand has been improving its infrastructure with projects to develop and/or expand seaports and airports. According to ASEAN Briefing, the EEC will also integrate into China’s One Belt One Road – a high-speed train will connect Bangkok to Nakhon Ratchasima to Nong Khai, Vientiane (Laos) and Kunming (China). Read more