x
Breaking News
0

Thai junta's key economic project draws $9 billion investment

Economic IndicatorsJan 12, 2018 05:20AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Illustration photo of a Thailand Baht note

By Panu Wongcha-um and Patpicha Tanakasempipat

BANGKOK (Reuters) - The Thai military government's plan to expand the industrial east drew more than $9 billion in pledges of private investment last year and nearly $7 billion more is expected this year, the head of the state investment agency said on Friday.

The Eastern Economic Corridor (EEC) is a centrepiece of the junta's policy to boost growth in Thailand and targets investment into hi-tech industries, as it transitions from those reliant on cheap labor. Thailand's economic growth has fallen behind other Southeast Asian economies since the 2014 coup.

The EEC drew 297 billion baht ($9.3 billion) in promised investment in 2017, Duangjai Asawachintachit, secretary-general of the Board of Investment told reporters. This year, it expects 216 billion baht in planned investment - or nearly a third of the total 720 billion baht Thailand expects to receive.

The junta, which has promised an election this year, says the project will revitalise an area whose industries have been flagging with a total $43 billion in public and private investment in the first five years.

The goal is to make the east a center for hi-tech industries such as robotics and electric vehicles as well as a regional hub for aircraft maintenance.

"In the past we relied on labor intensive industries, but these are hollowing out now. Some have moved to our neighbors," Kanit Sangsubhan, the secretary-general of the Eastern Economic Corridor Office, told Reuters.

To support growth, the government has approved $17 billion worth of infrastructure projects - including an upgrade of the Vietnam War era U-Tapao International Airport and Thailand's largest deep sea port.

Improved road and rail links will connect it with nearby Bangkok as well as the rest of mainland Southeast Asia and with China, to link up with Beijing's Belt and Road Initiative.

Kanit said that once parliament passes new legislation for the project, probably in the first quarter of this year, it will be a draw for new investors.

Thai junta's key economic project draws $9 billion investment
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

 
Are you sure you want to delete this chart?
 
Write your thoughts here
 
Replace the attached chart with a new chart ?
Post
Post also to:
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
 
Replace the attached chart with a new chart ?
Post 1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email