The Eastern Economic Corridor (EEC) Policy Committee in Thailand has greenlit an ambitious 5-year development plan for 2023-2027,aiming to accelerate growth, attract substantial investments, and position the region as a hub for high-tech industries. The EEC envisions a surge in investment over the next half-decade, with a target of 500 billion baht. The plan also aims to boost the gross provincial product of EEC provinces by 6.3%. The EEC, which covers three provinces east of the capital, Bangkok, is a centerpiece of government efforts to boost growth and encourage investment, particularly in high-tech industries.
The comprehensive development plan is multifaceted, concentrating on promoting targeted industries, enhancing infrastructure, nurturing a skilled workforce, developing modern urban centers, and ensuring sustainable community growth.
New Visa Scheme for Foreign Investors
To attract foreign investments, a new visa scheme is set to be launched in 2024. Investors in the EEC will be eligible for 10-year visas, coupled with multiple benefits to facilitate their engagement in the region.
Visa holders will enjoy expedited work permit processing, a flat 17% personal income tax rate, a 10-year-long visa duration, streamlined online reporting, and access to fast-track channels at international airports. This Visa scheme will include categories for specialists, executives, professionals as well as spouses and dependents.
Economic Strategy
The EEC’s development plan aligns with Thailand’s broader economic strategy, aiming to revitalize growth and attract investments, particularly in high-tech sectors. This initiative is strategically crucial amidst an economic slowdown.
Key Industries and Incentives
Target industries in the EEC include next-generation automotive, smart electronics, biotechnology, robotics, aviation, and digital technology. Further benefits for business operators focus on five key principles: innovation in public service delivery, consideration of benefits to be received, assessment of granting benefits, collaboration between agencies, and monitoring and evaluation.
The EEC’s 5-year development plan, coupled with the innovative visa scheme, not only enriches economic growth but also positions Thailand as a prime destination for foreign investments. This strategic initiative is poised to create a thriving ecosystem for innovation, job creation, and sustainable development in the region.