Thailand to continue investment in industrial east as election approaches

Thailand to continue investment in industrial east as election approaches
FILE PHOTO: A man holds up a newly unveiled twenty baht polymer banknote at Bank of Thailand headquarters in Bangkok, Thailand, January 20, 2022. REUTERS/Chalinee Thirasupa

BANGKOK : Thailand’s five-year investment of 2.2 trillion baht ($64.31 billion) in its industrial east should not be affected by a change in government after a general election in May, a government official said on Tuesday.

The 2023 to 2027 plan in the Eastern Economic Corridor (EEC), which includes investments such as electric vehicles and medical technology, and would be a boon for all of the country and future investors, newly appointed EEC Chief Chula Sukmanop said.

“The EEC is a law. If you want to throw it away, you need to make another law to do it,” he told a news conference.

“If scrapped, people in the region would not accept that,” he added.

Thailand’s May 14 election will be a showdown between parties aligned with the military-backed establishment, led by Prime Minister Prayuth Chan-ocha, and the billionaire Shinawatra family-backed Pheu Thai party, this time led by Paetongtarn, the 36-year-old daughter and niece of two ex-premiers.

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.

Chula said investment of more than 400 billion baht ($11.69 billion) a year during the five-year period would be achieved, with Thailand well placed to attract investors seeking to relocate as several countries face recession risks.

Some projects, however, are behind schedule, including a rail project to link Thailand’s main gateway Suvarnabhumi airport to the capital’s second international airport at Don Mueang, and U-Tapao airport near Pattaya.

($1 = 34.21 baht)

($1 = 34.2200 baht)


Source: Reuters