On January 2024, the Thai government granted approval for the creation of the EEC Business Center and Livable Smart City, a special economic zone in the eastern region of Thailand. This zone aims to become a leading regional business and financial hub by 2027, and eventually evolve into one of the top ten most livable smart cities in the world by 2037.
Mr. Chai Watcharong, the spokesperson for the Prime Minister’s Office, announced on January 2, 2024, that the EEC Board, chaired by Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, has endorsed this plan.
The initial phase of development will span approximately 5,795 rai and will be situated in Huay Yai sub-district, Bang Lamung district, Chonburi province. The estimated investment value for this first phase is 534.985 billion baht (equivalent to 15.6 billion U.S. dollars). During the early stages of development, the EEC Board will prioritize investment support in key sectors such as clean energy, digital technology, 5G, logistics, tourism, financial services, healthcare, and international human resources development and research. The goal is to establish a business ecosystem that effectively connects nature, people, innovation, and technology in an efficient and sustainable manner.
The EEC Business Center and Livable Smart City will be a high-quality residential area that emphasizes livability, safety, and environmental quality. It is anticipated that the zone will accommodate over 350,000 residents from diverse income groups. Additionally, it will serve as a bustling business city, generating employment opportunities for more than 200,000 individuals and contributing over 1.2 trillion baht to the economy.
Furthermore, the zone will support the establishment of 150-300 startup businesses in the special target industries and related sectors. This is expected to stimulate economic growth in Thailand and boost the country’s gross domestic product (GDP) by 2 trillion baht within a decade.
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