A key effort by the Thai government aligned with the aspirations of APEC to mobilise trade and investment has been the Eastern Economic Corridor (EEC), which has provided a strong basis for Thailand’s work as host of the Asia-Pacific Economic Cooperation Forum in 2022.
The EEC, built on successful development of the Eastern Seaboard, is an essential component of the Thailand 4.0 strategy, aiming to transform the economy into one based on innovation and value, equipped with the infrastructure and human resources to compete on the global stage.
The corridor is being propelled by three main endeavours. The first is an upgrading of Thailand’s transport and logistics infrastructure establishing the EEC as a connected focal point within the Asia-Pacific. Second, is the creation of areas of concentration for investment in “New S-Curve” industries such as a space geared specifically towards innovation. The third is endowing the corridor with sustainable economic and social development through the adoption of environmentally-friendly technologies.
At the heart of the EEC, however, are 12 industries being given targeted support after being deemed essential to realising the next evolution of the Thai economy. These industries are automobiles, smart electronics, medicine and wellness, agriculture and biotechnology, food, industrial robotics, logistics and aviation, biofuels and biochemical, digital technology, medical services, defence and education.
Fostering of the 12 industries places Thailand in a strong position ahead of its hosting of APEC in 2022, as it provides both insights and fundamentals for Thailand to lead the pursuit towards APEC’s immediate and long-term aspirations, which range from revitalising regional economies in the post COVID-19 era to actualising the unhindered flow of commerce and trade throughout all 21 member economies.
Work to achieve the objectives of the EEC has continued even amid Thailand’s hosting of the APEC Forum, as in June of this year, the Cabinet approved the Action Plan on Eastern Economic Corridor Infrastructure and Public Utilities, envisioning enhanced, safe and seamless connectivity to the area and modern upgrades to living standards so that it may become an economic hub for all of Asia.
It was outlined that the Action Plan, plotted for 2023 to 2027, would bring about multiple benefits to Thailand, adding 20,000 jobs per year during its implementation and even more upon completion, shortening the travel time between Bangkok and the EEC to less than one hour and a full expansion of U-Tapao Airport to handle 60 million passengers per year.
