EEC refers to Thailand's establishment of economic zones in the three provinces of Chachoengsao, Chonburi and Rayong on the eastern coast. By vigorously developing infrastructure and implementing a series of preferential investment policies to attract new industries, Eastern Thailand will be built into an international transportation fortress integrating a three-dimensional transportation system by sea, land and air.
EEC is the only national-level special economic zone in Thailand, and it is the most important investment plan put forward by the Thai government in the past 30 years. The EEC project is also the largest and most thorough investment project implemented. In the future, EEC aims to develop into a world-class economic center, a trade and investment center, a transportation and logistics center, a world-class tourist attraction and the gateway to Southeast Asia.
The advantages of EEC investment
(1) Regional advantages
EEC is located between the Greater Mekong Economic Corridor and the 21st Century Maritime Silk Road. It is connected to Cambodia, Laos, and Vietnam on land, and is located at the midpoint of the sea route between the Indian Ocean and the Western Pacific Ocean. It is the gateway to Asia. At the same time, the total GDP of the connected regions accounts for 1/3 of the world's GDP.
(2) Existing infrastructure
Integrate the industrial supply chain from upstream to downstream in the Eastern Economic Corridor through various interconnected transportation methods, and connect it with key cities in Thailand through expressways and high-speed rail, and connect neighboring countries and connections through ports, airports, railways, and highways. worldwide.
(3) Investment advantages
Thailand is the second largest economy in the ASEAN region, and the local office leasing costs and living costs are low, and the number of industrial parks is large, large in scale, and well-equipped. In terms of policy advantages, the Thai government and the Thai Board of Investment (BOI) have specific policy encouragement for independent investment:
- The corporate income tax exemption in the region is extended to 15 years.
- The import of machinery is exempt from tax, and the import of raw materials for the production of export products and research and development products is also exempt.
- Fiscal stimulates target industries, supports R&D investment, and attracts talents in high-tech industries.
- Projects supported by the Thailand Investment Promotion Council will allow land ownership.
- Convenient visa and work permit.
EEC planning stage
The EEC plan includes three development stages: the first stage, 2016~2017; the second stage, 2018~2020; the third stage, 2021 and beyond. And in the first five years of the implementation of the plan, at least 1.5 trillion baht (45 billion U.S. dollars) will be invested in the construction of infrastructure. Specific projects include the expansion of U-Tapao International Airport, Laem Chabang Port, the construction of a high-speed railway from Bangkok to Rayong, and the completion of multiple railway lines in the region, highway construction, and hospital construction.
