Thailand's EEC eyes 2.2 trillion baht in investments after sweeping up 1.9 trillion baht in first five years

Image from The Nation Thailand/ANN

BANGKOK, Dec 10 (The Nation Thailand/ANN): Thailand’s Eastern Economic Corridor (EEC) has drawn 1.92 trillion baht in foreign investments in its first five years of implementation.

In addition to this, Energy Minister Supattanapong Punmeechaow said EEC aims to attract another 2.2 trillion baht in the next five years.

He added that investments between 2018 and 2022 had already exceeded the original target of 1.7 trillion baht.

Among the key investors are Sony Pictures Entertainment and Amazon Falls, which built the world’s first Columbia Pictures Aquaverse in Chonburi.

This recreational park is expected to attract as many as 20 million visitors per year and generate revenue of 10 billion baht for the local economy, Supattanapong said.

He added that the EEC targets 2.2 trillion baht in foreign investments in the second five-year stage from 2023 to 2027, with an average annual investment of between 400 billion and 500 billion baht.

In line with this target, the eastern seaboard provinces – Chachoengsao, Chonburi and Rayong – can be expected to expand by up to 9% per year, thus boosting the national economy by 5% annually from 2024.

Supattanapong, who also doubles as deputy prime minister, chairs a subcommittee tasked with managing EEC’s development.

He said on Friday that the EEC has also attracted huge investments from Chinese electric vehicle makers, including 22 billion baht from Great Wall Motor and 17.9 billion baht from BYD. The US-based EVlomo has also invested 33 billion baht in the largest battery factory in Southeast Asia.

Horizon Plus, a joint venture between Thailand’s petroleum giant PTT and Taiwan multinational Foxconn, have spent more than 36 billion baht on an EV manufacturing plant.

Meanwhile, as much as 300 billion baht is expected to come from Saudi Arabia after bilateral relations were restored earlier this year. Supattanapong said he expects more investments from Germany, the United States and Japan.

The investments are expected to create several thousands of new jobs in the EEC provinces. - The Nation Thailand/ANN