In a significant move, the Eastern Economic Corridor (EEC) Policy Committee, under the stewardship of Deputy Prime Minister and Commerce Minister Phumtham Wechayachai, has given the green light to an ambitious 5-year development plan spanning 2023-2027. The plan sets its sights on a substantial increase in investments, targeting an influx of 500 billion baht, a notable rise from the existing 75 billion baht per year.
This visionary strategy, designed to bolster the gross provincial product of EEC provinces by 6.3%, is dedicated to elevating the living standards of local residents. The comprehensive development blueprint encompasses five key focal points: driving investment in targeted industries, enhancing infrastructure and public utilities, upskilling the workforce for technological advancements, fostering the development of modern cities, and ensuring sustainable community growth.
A pivotal aspect of the plan involves an innovative visa scheme geared towards attracting foreign investment. Effective from 2024, investors engaged in targeted industries will be eligible for 10-year visas under the EEC visa scheme. This scheme caters to specialists, executives, professionals, and their families, offering an array of benefits, including fast-track work permits, a fixed 17% personal income tax rate, a maximum 10-year visa duration, online reporting, and expedited channels at international airports.
As the EEC paves the way for a transformative era, this comprehensive plan not only signifies a monumental economic leap but also positions the corridor as a magnet for global investors seeking a dynamic and advantageous business environment. The EEC’s forward-looking approach aligns with Thailand’s broader vision for sustainable economic growth and technological innovation.