Thailand targets 2.2 trillion baht investment in industrial east over 5 years

THAILAND is aiming for 2.2 trillion baht (S$85.3 billion) of investment in the country's industrial east over the next 5 years, a government official said on Monday (Aug 15), as the country attempts to boost long-term economic growth.

The 2023-2027 plan in the Eastern Economic Corridor (EEC) will include investments such as electric vehicles and medical technology, government spokesman Thanakorn Wangboonkongchana said in a statement.

The government expects 400 billion baht to 500 billion baht (US$11.3 billion to US$14.1 billion) in investment per year, which will help the economy grow by 5 per cent a year from 2024, he said.

Under the current 2018-2022 plan, the investment in the EEC has reached 1.8 trillion baht, exceeding a target of 1.7 trillion baht, he said.

The EEC, which covers 3 provinces east of the capital Bangkok, is a centerpiece of government efforts to boost growth and encourage investment, particularly in high-tech industries.

South-east Asia's second-largest economy is expected to grow 2.7 per cent to 3.2 per cent this year, the state planning agency forecast on Monday. REUTERS