American companies eager to invest in Thailand’s Land Bridge project
More than 10 US firms have expressed keen interest in Thailand’s ambitious Land Bridge project, Transport Minister Suriya Juangroongruangkit said.
He was speaking after Prime Minister Srettha Thavisin’s successful promotion of the country’s 1.4-trillion-baht projects to global leaders and investors during a recent trip overseas.
Among the American firms expressing interest are the world’s largest marine logistics company SSA Marine, computer technology giant Oracle Corporation, business adviser Jacobs, e-commerce giant Amazon.com and its Amazon Web Services (AWS), eBay, the Port of Long Beach, leading digital solutions provider Wabtec, as well as the United States transportation and rail services.
Suriya said his ministry is actively gathering comprehensive information to apprise these interested parties about the project’s investment value, expected returns and breakeven period.
As for local opposition in Chumphon and Ranong provinces, Suriya said it was natural for new projects to face opposition, adding that it was his duty to address concerns by listening and explaining to enhance public understanding.
The Land Bridge project is a key initiative of the current government, positioned as a magnet to attract international investors.
Speaking at the APEC 2023 Summit in San Francisco earlier this month, Srettha told leaders and investors that the project would establish a new east-west route for global trade valued at over US$38 trillion (1,345 trillion baht) annually.
He added that the Land Bridge, connecting the Gulf of Thailand to the Andaman Sea, provides an alternative to the congested Malacca Strait, a critical shipping lane transporting about 40% of global trade.
The proposed bridge aims to connect the Pacific and Indian oceans, promising to reduce transportation costs and time, while also ensuring safety, he said.
This mega project is expected to generate 280,000 jobs and boost the country’s GDP by 5.5% per year. The government plans to further promote the Land Bridge project to potential investors in France, Saudi Arabia and China in the near future.
