EEC ID system set to transform foreign investment landscape

The Eastern Economic Corridor Office (EECO) unveiled plans for the introduction of the EEC ID system by September’s end.

This innovative system, aimed at streamlining administrative processes for foreign investors and workers across the 35 promoted zones in Chachoengsao, Chon Buri, and Rayong provinces, promises to be a game-changer.

Korkij Danchaivichit, EECO Deputy Secretary-General, projects a substantial uptake, with an estimated 5,000 individuals expected to embrace the EEC ID platform. This cutting-edge system will offer both physical cards and digital IDs tailored for seamless usage within the designated economic zones.

The move comes hot on the heels of the recent rollout of the EEC visa, a strategic visa initiative designed to attract foreign investors and bolster economic growth within the region. Offering a 10-year visa, simplified work permit procedures, and a flat tax rate of 17%, the EEC visa targets specialists, executives, professionals, and their dependents, providing tailored benefits to facilitate their stay in Thailand.

The EEC ID represents a pivotal component of wider efforts to enhance the business environment and quality of life for foreign investors and workers in the EEC. Collaborating with the Electronic Transactions Development Agency (ETDA), the EECO aims to streamline electronic transactions, reducing costs and enhancing efficiency.

ETDA Executive Director Chaichana Mitrpant emphasised the agency’s pivotal role in developing the system, which will enable digital ID usage for business operators and investors, simplifying approvals and permissions while promoting ongoing investment in the region, reported Pattaya Mail.

Furthermore, the ETDA will spearhead the development of a digital license system, setting standards for over 40 items to be processed electronically.

In related news, the EEC Policy Committee sanctioned the creation of the EEC Business Centre and Livable Smart City on January 2. 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.