Within the last two years, Thailand has invested nearly US$137 billion on infrastructure building and development of its Eastern Economic Corridor initiative in the Chonburi Province, Chachoengsao province and Rayong province. Mr. Kobsak Pootrakool, Vice Minister for Office of the Prime Minister said Taiwanese corporations have provided much support to the Thai economy especially in the agriculture and manufacturing sectors. The two will be in close partnership to further accelerate the economy of Thailand in the next 5 years, deemed as the golden period for Thailand 4.0 to be enacted.

To express its ambitions to cater a flourishing economy, the Thailand government hosted the ‘Thailand Taking Off to New Heights Investment Seminar’ in Bangkok and invited more than 3000 corporations from China, Taiwan, Japan, Republic of Korea, US and the EU to participate.

During the opening speech, Mr. Somkid Jatusripitak, Deputy Prime Minister of Thailand, pointed that the global economic core is now shifting towards Asia. PTPP, RCEP, are under the direction of Asian economies, which brings Thailand the opportunity to transform its economy under three major strategies, including continuous infrastructure building, the Eastern Economic Corridor initiative, and to promote digital technology which will allow the country to become the powerhouse for the ASEAN region as it further attracts foreign investments.

The Eastern Economy Corridor initiative includes the plan to build airports and shipping ports as well as other large-scale infrastructure projects. The EEC will provide benefits for overseas investors where only 17% tax will be charged compared to the 35% for locals. For startups housed within the ECCi districts, businesses can enjoy 15 years of free tax and permanent land usage. Technology corporations from Taiwan last year has already signed agreements with Thailand for upcoming collaborative projects.

South East Asia manufacturing giant, Amata will build a Taiwan Smart city in partnership with Taiwanese corporations in the Chonburi Province and Chachoengsao province. Amata has already signed agreements with the University of Taiwan and will establish institutions to provide education on production systems for locals.

Thailand’s EEC initiative includes the development of a high-tech manufacturing MRO Center. Thai Airways and Airbus has signed an agreement to establish a MRO center (TG MRO Campus) at the U-Tapao International Airport, to provide large scale aviation maintenance and engineering facilities to house a range of advanced aviation equipment. In the next 20 years, it is estimated that there will be 2.8 times increase of flights in Asia, 4 times of the current amount in all of South East Asia.

TG MRO Campus will cover 83 acres or 34 hectares of land and will undergo operation in July 2022. It will be a base and foundation for airlines worldwide and bring an economic boost to the country as it will provide a doorway to enter South East Asia for flights worldwide.

Source: Money UDN