EEC Act in force after long delay

• The much-awaited Eastern Economic Corridor (EEC) Act was finally published in the Royal Gazette on 14 May 18 after a seven-month delay.
• The act should build up investor confidence in Thailand, said Suphan Mongkolsuthee, chairman of the Federation of Thai Industries (FTI).
• Mr. Suphan said the FTI expects to see growing investment in Thailand now that the EEC regulations are on stable ground.
• The 2018 EEC Act is effective on 15 May 2018 and consists of 73 sections defining policy in the corridor, with plans to utilize land plots for sustainable development and integrate related infrastructure and utilities to connect all areas, both inside and outside of the corridor.
• The Act, passed by the National Legislative Assembly in Feb 18, covers city planning for the EEC and rules governing expats working there, while facilitating direct investment through a range of incentives.
• After the EEC act has been implemented, the government will push five infrastructure projects, including a high speed railway to connect three airports — Don Mueang, Suvarnabhumi, and U-tapao – valued at THB200bn.
• The third phase of the deep sea port at Map Ta Phut is valued at THB11bn, while phase three of Leam Chabang port is valued at THB150bn. The government expects to create an aviation maintenance, repair, and operations hub with a value of THB200bn.
• The EEC scheme is forecast to boost the country’s GDP growth to 5% a year, creating more than 100,000 jobs and generating income exceeding THB450bn annually.

External Link: https://www.bangkokpost.com/business/news/1465226/eec-act-in-force-after-long-delay