Thailand targets $10-billion investments in industrial corridor in 2021

Thailand aims to boost investment in the country’s industrial east this year by 44% to around $10 billion, a deputy prime minister said on Monday, February 1, after a 45% drop last year due to the impact of the coronavirus pandemic.

The country hopes to receive investment projects worth 300 billion baht ($10 billion) in the Eastern Economic Corridor (EEC) this year, after 209 billion baht last year, or 43% of the country’s total investment, Supattanapong Punmeechaow told a briefing.

“Given the outbreak, last year’s figures were still okay. The EEC still attracted foreign investors,” he said, adding Japan and China remained the biggest two foreign investors.

The EEC straddles eastern provinces and is a centerpiece of government efforts to boost growth and encourage investment particularly in high-tech industries. Investors are allowed to rent land for up to 99 years.

This year the government will encourage both domestic and foreign investment, including by providing competitive incentives and meeting investors, Supattanapong said.

More investors should return to Southeast Asia, including Thailand, after the coronavirus situation improves, he said.

Thailand is targeting the immunization of 19 million people against the coronavirus in a first phase of inoculations starting later this month.

While the country has yet to lift a travel ban imposed last April to curb the outbreak, it started late last year to allow some foreign tourists to return on long-stay visas.

For most of last year Thailand was able to keep infections low, but a second wave broke out in December, bringing total cases to 19,618, with 77 deaths. – Rappler.com