Thailand confident to drum up investments as economic zones law approved

BANGKOK, Feb. 9 (Xinhua) -- The Thai government is gearing up for roadshows in European countries and China to drum up investments in Thailand's economic zones, Deputy Prime Minister Somkid Chatusripitak said on Friday.

Somkid, the deputy prime minister in charge of the country's economy, said that he's confident that Thailand will attract a new generation of foreign investors, as there are investment projects worth more than 200 billion baht (about 6.5 billion U.S. dollars) to the Eastern Economic Corridor (EEC) waiting for approval.

His comments came after the parliament approved a bill on the development of the EEC on Thursday.

The EEC Law is expected to be officially implemented after winning the endorsement of King Maha Vajiralongkorn.

The EEC consists of the three eastern provinces Rayong, Chonburi, and Chachoengsao with a combined area of 13,285 square kilometers. The Eastern Economic Corridor expects investments of 300 billion baht (about 9.7 billion U.S. dollars) in the first year, mostly through foreign direct investments.

The new act is expected to speed up development of infrastructure projects in the corridor and ease regulations for investment in the area, including allowing foreign ownership of land for specific investments, which is otherwise banned in Thailand.

The new law provides tax breaks for investors in the EEC project, a centerpiece of the current government's policy to boost growth and target investment into hi-tech industries. Enditem