New legislation passed to improve Thailand's Eastern Economic Corridor

A new bill for the development of Thailand’s Eastern Economic Corridor (EEC) was approved yesterday by the National Legislative Assembly which the government predicts will attract a new wave of foreign investment.

The EEC development will include projects in Chon Buri, Rayong and Chachoengsao.

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Members of the NLA spent over eight hours debating the new bill before it was eventually passed, 170 votes with 10 members choosing to abstain.

New legislation passed to improve Thailand's Eastern Economic Corridor

Officials estimate that during the first year of the project it will generate 300 billion baht from direct foreign investment from desired industries such as next-generation automobiles, robotics industries, medical and wellness tourism and aviation and logistics industries.

Plans to improve infrastructure connecting the three mentioned provinces are also underway with the construction of a new high-speed railway line linking Suvarnabhumi, Don Mueang and U-tapao progressing well.

The bill passed yesterday will grant the government the ability to offer tax breaks and other incentives to foreign investors contributing to the project.

The secretary-general from the EEC Office, Dr Kanit Saengsuphun said that the massive project is a vital part in improving Thailand’s international competiveness across multiple sectors including manufacturing, hospitality and exports.

Source : The Nation

Content : LovePattayaThailand

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