After considering the effects of Covid-19 and the present economic downturn, the new head of the Eastern Economic Corridor (EEC) unveiled his plan to speed up development on Monday.
A five-year plan to transform the corridor into a “prototype of sustainable development” was announced by Chula Sukmanop, who assumed the position of secretary-general of the EEC Office on April 1.
According to Chula, “the new EEC growth plan has been evaluated and updated in order to be compatible with the future global environment and the impact of the worldwide economic slowdown brought on by COVID-19, which affected the senior population.”
By including future sector trends in the EEC’s overall five-year strategy, he claimed, “we can better encourage investors in new areas in line with both Thai and worldwide investment trends.”
His four main focuses are on land, labor, law and regulations, and logistical infrastructure.
In order to provide regions to attract investments that are particular to each business group, the EEC will prepare and confer with various industrial parks.
Labor skill development will take the form of a package deal that will entice investors. Employees will be accessible to do tasks that satisfy company demands.
Modifying rules and legislation to make it simpler to establish businesses and make investments in the area.
To reduce operational costs, focus will be placed on optimizing the transportation and logistics infrastructure. In order to boost yearly economic growth to 5%, the EEC hopes to attract 2.2 trillion baht in investment over the course of five years, according to Chula.
To support the main goals of the EEC, a sustainable development prototype has also been created.
The first goal is to manage critical infrastructure to support the EEC’s four main infrastructure management plans, which include having more conversations with the private sector, finding solutions to problems, coming to a decision quickly, and making sure the operation complies with this year’s plans.
The Eastern Aviation City development project, U-Tapao Airport, Phase 3 of the Map Ta Phut industrial port development project, Phase 3 of the Laem Chabang port development project, and the high-speed train project connecting three airports are all on the list of EEC projects.
The Pluak Daeng Hospital 2 project, which would improve healthcare for EEC citizens in the near future, is one of the new purchasing power parity investment projects that will be encouraged, according to Chula.
He stated, “This is to encourage investors’ faith and give a tangible picture of the progress the EEC has made in implementing its plan to attract investors from all over the world.
Second, it would promote investment in particular industries in both ongoing and new projects with the aim of securing 400 million baht in investment annually as part of its objective to attract 2.2 trillion baht in investment over the course of the following five years.
The EEC’s main focus would be on luring 150 billion baht in annual foreign investment.
To help the EEC become more invested in luring investors, specific strategies will be put into action. These include of setting up events like road shows to attract investors in certain industries, stimulating investment in distinctive economic development zones, and boosting investment in distinctive firms, according to Chula.
In order to provide a one-stop service, he stated, “We will build up special promotion zones for extra special activities, such as the installation of operations support systems and the Pluak Daeng Hospital 2,” and connect them with the proper authorities.
In order to recruit specific investors in each targeted industry to the EEC, he continued, “manpower would be trained within the EEC to create skilled salespeople.”
The “year of investment,” according to Chula, would be this year.
The third goal is to raise the standard of living by putting an emphasis on collective living as a whole.
The level of living and quality of life are enhanced, local businesses flourish, careers are built to boost income, and the area becomes a well-liked tourist destination in the EEC to expand the role of networks so that locals can benefit and live better lives as a result of the EEC’s expansion.
In especially in the economically promising neighborhoods, he stated, “Our goal is to keep the quality of life in the neighborhood high.”
“This will be achieved through supporting the development of the local economy for the villagers, development of wellness health tourism to raise revenue, and education and environment management to consistently and sustainably improve the people’s quality of life,” he stated.
