EEC Board approves investment projects worth 535bn baht

The announcement designates this zone as a Special Economic Promotion Area for specific businesses within the initial development area of approximately 927.2 hectares, carved out of a total area of around 2,339 hectares in the Huay Yai sub-district of Bang Lamung District, Chonburi province.

In addition, the EEC Policy Committee has approved the business centre as an economic promotion zone. Businesses located in the centre will therefore be eligible for a number of tax breaks and other incentives.

The establishment of the business centre is a major step in the development of the EEC. The centre is expected to attract investment and create jobs in the region.

Together, the EEC Business Centre and the “smart new livable city” are expected to drive investment in target industries and related activities such as comprehensive healthcare, workforce development and education, digital technology, aviation and logistics, food processing, high-income and health-focused tourism, regional headquarters, financial service centres, specialised businesses, as well as other industries including finance and residential properties.

The development concept focuses on creating a business ecosystem that integrates nature, lifestyle, innovation, and sustainable design, along with the application of cutting-edge environmental technologies.

The business centre and “smart” city are together expected to accommodate over 350,000 residents, create at least 200,000 direct jobs, generate high-skilled employment, increase incomes, and provide over 1.2 trillion baht in job opportunities.

As well, they aim to foster between 150 and 300 modern and service-oriented startup businesses, potentially boosting the expansion of the gross domestic product (GDP) by approximately 2 trillion baht within 10 years.

The EEC Board aspires for the project to emerge as one of the top 10 smart cities globally by 2037.