Thailand Developing Four New Economic Corridors and Related Incentives

May 2022

Thailand is preparing investment incentives for four new economic corridors, namely the Southern Economic Corridor, the Northeastern Economic Corridor (NEEC), the Northern Economic Corridor (NEC) and the Central-Western Economic Corridor (CWEC).The strategy resembles the flagship Eastern Economic Corridor (EEC), part of the government’s plan to move Thailand towards a high-tech economy.

It has been reported that investment categories in the new economic corridors should differ from those in the 10 existing special economic zones, as each corridor will be tasked with promoting specific industries.

  • The southern corridor aims to link the Andaman Sea, the Gulf of Thailand and countries along the Indian Ocean rim such as India, Sri Lanka and Bangladesh. Here, Thailand aims at promoting bioeconomy based on palm oil.
  • The NEEC covers the provinces of Udon Thani, Khon Kaen, Nakhon Ratchasima and Nong Khai. It is expected to manufacture products to supply the EEC and China, focusing on bio-economy development and taking advantage of the abundant raw materials such as rice, tapioca and sugar cane.
  • The NEC covers four northern provinces: Chiang Mai, Lamphun, Lampang and Chiang Rai. It will promote community and cultural tourism as well as improve products for export.
  • The CWEC covers Kanchanaburi, Phetchaburi, Samut Sakhon and Prachuap Khiri Khan. It will be linked with the EEC and the Dawei port in Myanmar.

The incentives and categories for investment in the four corridors will be proposed at the next meeting of the Board of Investment.

(Source: The Bangkok Post)

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