Thailand targets $62 billion investment in industrial east over 5 years

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FILE PHOTO: Bangkok's skyline photographed during sunset in Bangkok

BANGKOK – Thailand is aiming for 2.2 trillion baht ($61.97 billion) of investment in the country’s industrial east over the next five years, a government official said on Monday, 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 ($11.27 billion to $14.08 billion) in investment per year, which will help the economy grow by 5% 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 three provinces east of the capital Bangkok, is a centerpiece of government efforts to boost growth and encourage investment, particularly in high-tech industries.

Southeast Asia’s second-largest economy is expected to grow 2.7% to 3.2% this year, the state planning agency forecast on Monday.

($1 = 35.50 baht)

(Reporting by Panarat Thepgumpanat; Writing by Orathai Sriring; Editing by John Geddie)

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