Eastern Corridor law in works

“This is the idea of Deputy Prime Minister Somkid [Jatusripitak], who would like to have a separate special economic zone that concentrates on Chachoengsao, Chon Buri and Rayong and focuses on foreign investors,” she said.
The government has designated 10 industry clusters as the targeted industries performing as a new engine of growth for the decelerated economy.
They are next-generation automotive; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food for the future; robotics; aviation and logistics; biofuels and biochemicals; digital; and promoting the country as a medical hub.
Atchaka said the draft law governing the Eastern Economic Corridor would be finished next week and could be submitted to the Cabinet for approval by the end of this month.
“It will help build up investor confidence because [investors] can be assured that [the government] will invest in basic infrastructure for these areas, and the industries will be given special care,” she said.
Maximum Board of Investment incentives would be granted to investors who choose to invest in the targeted industries in the economic corridor. Atchaka said the government was also discussing with the Bank of Thailand the possibility of allowing the investors to open foreign-currency accounts and keep their incomes in foreign currencies, instead of having to convert them into baht.
The draft law will authorise the Industrial Estate Authority of Thailand (IEAT) to become an interim administrator of the economic corridor.
Atchaka said that during the Cabinet meeting on Tuesday, Prime Minister Prayut Chan-o-cha urged involved ministries to hasten the development of special economic zones in the country. The government has designated five border provinces – Tak, Mukdahan, Sa Kaew, Trat and Songkhla – as homes for SEZs in the first phase.
She said Prayut was worried it was “so quiet and there is not a single investment created”.
The PM has assigned Deputy Prime Minister Wissanu Krea-ngam to revise the SEZ law, which is also expected to be completed for submission to the Cabinet by the end of this month.
Atchaka said that unlike the original draft, which called for the establishment of a new agency to take care of the SEZs and for the IEAT to be dissolved, the revised draft would not “overrule” the existing authorities. As such, those authorities, including provincial governors, would have more of say in governing the SEZs in their provinces.
Atchaka was speaking at a seminar held to promote the Sa Kaew SEZ. She told participants the province was the most ready among the five designated for the first phase of the SEZ project as the IEAT was ready to accept bookings for the 660-rai (105-hectare) estate, which would be built soon.
“Investors should hurry to contact the IEAT right now. There will be a new road and rail development to the province, which is located not far from Bangkok and Laem Chabang. Instead of crossing the border to Cambodia, [investors] can easier invest in Sa Kaew and bring in Cambodians” to work for their operations, she said.
She said Sa Kaew was expected to receive more interest from investors since the government had resolved the town-zoning problem by utilising Article 44 of the interim charter imposed by the junta, which gives Prayut almost unlimited power.