Thailand BOI – Eastern Economic Corridor Project (EEC) offers extremely attractive and almost unlimited investment possibilities for foreign investors. As a key piece of Thailand 4.0 in which smart technology and smart people are the priorities, the EEC is supported by comprehensive public and private partnerships that build on past achievements in order to develop the future. For investors, the EEC offers numerous and substantial opportunities to invest in Thailand’s future, which is also the future of ASEAN and the region. Occupying an impressive strategic location, EEC will be the “Gateway to Asia” reaching more than half the world’s population, as well as being the hub for access to markets in Oceania, the U.S., and the EU.
Many potential investors think of Thailand’s economic centers as primarily Bangkok and its surrounding areas, or perhaps the gateways to Thailand’s Northeast. While these remain vibrant areas ripe for development and investment, the Eastern Seaboard is going to take Thailand, and by extension ASEAN and the region through the 21st Century and into the 22nd Century. The area of the Eastern Seaboard which comprises the EEC includes three provinces covering 13,000 square kilometers: Chachoengsao, Chonburi, and Rayong Provinces.
The EEC is designed to develop 4 Core Areas including a range of Target Industries and Business Hubs:
4 Core Areas
- Infrastructure
- Business, industrial, and innovation hubs
- Tourism, including medical tourism, one of the world’s fastest growing sectors
- New Cities and communities
Target Industries
- Bio economy
- Auto, Auto Parts, Electronics, Robotics
- Aviation, Maintenance, and related industries
- Medical
Business Hubs: Aviation, Logistics, Trading, Advanced Manufacturing, Tourism, Innovation, and Global Business.
The goal for the first 5 years is combined public and private investment of at least US$43 billion, a goal made even more realistic by the EEC’s impression record of FDI which has helped fuel a 12% increase in exports, a 12% increase in industry, and a 7% per annum in economic growth over the past 20 years. These impressive trends are strongly supported by past and present development of
- Air Transportation: U-Tapao International Airport; Aviation Maintenance Center
- Water Transportation: Laem Chabang deep-sea port; Map Ta Phut deep-sea port; Satahip commercial seaport
- Land Transportation: Double-track railways; extensive, well-maintained motorways; a high-speed rail network under development
Benefits:
- Corporate Income Tax (CIT) exemption for up to 15 years, plus grants for strategic projects
- 50% CIT reduction for an additional 5 years
- Maximum of 17% Personal Income Tax (PIT) for management, investors, and experts in target industries with HQ and facilities within the EEC
- Exemption of import duty on machinery, raw and essential materials and products used for R&D
- Financial incentives for investment in R&D, innovation, and human resources
- Permission to own land used for BOI promoted projects
- Facilitation of visas and work permits
- One-Stop Service for Investors’ Facilitation
Interested in getting Thailand BOI for ECC Development Project, contact ThaiLawyers for consultation and company registration services.