Thailand approves law to speed up $45-billion development plan

The Thai cabinet approved a measure yesterday to speed up a $45-billion plan to develop the industrial eastern seaboard.

And attract overseas investment as part of the nation’s plans to increase long-term economic growth.

The government hopes that the Eastern Economic Corridor project (EEC) which is estimated to be worth 1.5 trillion baht ($45.36 billion) will increase economic growth to 5 percent per year by 2020, growth for this year is predicted to be between 3.5-4.0 percent.

Thailand approves law to speed up $45-billion development plan

Kobsak Pootrakul, a vice minister for the Prime Minister’s Office spoke to reporters saying that the new law would be the foundation for Thailand’s eastern development, boosting investor confidence.

The law which is expected to come into force within the next five months would provide incentives for investors backing the EEC with such benefits as tax breaks and the ability to rent property for 99 years.

They will also not have to comply with currency exchange rules.

According to reports in the first five months that the EEC project was announced it has attracted 160 projects worth an estimated 23.4 billion baht.

Source : Reuters

Content : LovePattayaThailand


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