Business opportunities in Thailand’s new flagship investment zone
Thailand’s main industrial area has been formerly known as the Eastern Seaboard. As the “Detroit of the East“, Map Ta Phut and other industrial estates had been the birthplace of Thai heavy industry, such as the automobile, petrochemical, and electronics industries.
The eras of industrial revolution go now one step further with the development of Thailand 4.0. The extended Eastern Seaboard area, covering the provinces Rayong, Chonburi, and Chachoengsao are now promoted as Eastern Economic Corridor (EEC). To implement the EEC, the government has set out three pillars: infrastructure development, super-generous incentives, and investment facilitation.
This special economic zone of more than 13,000 square km will support the fast-growing industries smart electronics, next-generation automotive, biotechnology, efficient agriculture, and food innovation, as well as high-income and medical tourism. Also targeted are aerospace, automation and robotics, bio-chemicals and bio-energy and medical and healthcare.
To speed up the developments, the government decided to eliminate unnecessary procedures and accelerate the entire process, including the selection of private-sector partners. Under the term PPP EEC TRACK, the contracts on public-private partnerships can be signed within eight to 10 months. This has to be seen in comparison with the procedures as set out in the Private Investments in State Undertakings Act 2013 which require around 40 months and even traditional fast-track procedures that take twenty months.
The EEC Eastern Economic Corridor will be massively supported to accelerate the economic growth. This includes the development of public utilities, logistics, transportation systems, and human resources. The overall package seems to be highly attractive especially for foreign investors.
The Consulting House: Comprehensive investment support and representation
The Consulting House is deeply involved in the new developments and provides information how to benefit from Thailand 4.0 in Rayong, Chachoengsao, and Chonburi, but also the rest of Thailand. The following all-in-one services are available:
- Depending on your search profile, we provide you with a general overview of the legal and regulatory framework in the targeted industry. This is possible for the so-called S-curve industries which are smart electronics; medical and wellness tourism; affluent, agriculture and biotechnology; food; logistics and aviation; robotics for industry; next-generation cars; biofuels and biochemicals; digital; and medical. However, there are certain other sectors which are attractive for foreign investments in the EEC.
- We keep you up to date with public bidding processes, forthcoming government initiatives, public-private partnership opportunities and informal tenders. All Thai-language bidding documents are translated and clearly explained.
- We advise and represent foreign investors in bidding processes, taking into account formal requirements and deadlines. We act as local contact person and represent foreign investors in meetings and hearings.
- We advise on benefits and BOI investment promotion opportunities for the targeted project and inform about location dependencies and other restrictions if any.
- We advise and support regarding the required corporate structure, the company formation and all legal and business aspects connected herewith.
Contact the Consulting House for a specific support offer for investments in the Eastern Economic Corridor.