EEC policy committee sanctions business centre and smart city

The Eastern Economic Corridor (EEC) Policy Committee yesterday sanctioned the creation of the EEC Business Centre and Livable Smart City. The new ventures are projected to yield over 200,000 employment opportunities.

The establishment of the EEC Business Centre and Livable Smart City aligns with the broader vision of transforming the EEC into a major business and finance hub in the region by 2027, and a globally recognised smart city by 2037, according to government spokesperson Chai Wacharonke.

The inaugural phase of the project will witness the development of a 5,795 rai area in tambon Huay Yai, situated in the Bang Lamung district of Chon Buri. The estimated investment for this phase stands at 535 billion baht (US$15 billion), said Wacharonke.

“The EEC Business Centre and Livable Smart City are designed to accommodate 350,000 residents from all income groups and create more than 200,000 jobs with employment worth 1.2 trillion baht (US$34 billion) and about 150-300 start-ups in targeted businesses.”

This would stimulate substantial economic growth and potentially elevate the GDP to 2.2 trillion baht within a decade, reported Bangkok Post.

The EEC Policy Committee emphasised the importance of attracting investment in targeted industries and their associated businesses. These include clean energy, digital technology, logistics, human resource development, and international research.

Prime Minister and Finance Minister Srettha Thavisin expressed full support for the EEC Business Centre and Livable Smart City project. The project is expected to enhance Thailand’s appeal to foreign investors. Deputy Prime Minister and Commerce Minister Phumtham Wechayachai chaired yesterday’s EEC Policy Committee meeting.

The EEC Policy Committee, in November of the previous year, approved a draft five-year EEC development plan spanning from 2023 to 2027. The plan aims to attract investments worth 500 billion baht, averaging 100 billion annually.

The plan presents five development strategies, which include promoting investment in targeted industries and future services and enhancing the efficiency and utilisation of infrastructure and public utility systems.