BANGKOK – The Thai government approved on January 2, 2024, the establishment of the EEC Business Center and Livable Smart City, a special economic zone in the eastern part of Thailand. The zone is expected to become a regional business and financial center by 2027 and one of the 10 most livable smart cities in the world by 2037.
Mr. Chai Watcharong, spokesman for the Prime Minister’s Office, revealed on January 2, 2024, that the EEC Board, chaired by Mr. Phumtham Wechayachai, Deputy Prime Minister and Minister of Commerce, has agreed with this plan.
The first phase of the development, covering an area of approximately 5,795 rai, will be located in Huay Yai sub-district in Bang Lamung district, Chonburi province. The investment value for the first phase is estimated at 534.985 billion baht (15.6 billion U.S. dollars).
The EEC Board prioritizes investment support in key sectors during the initial development phase. These include clean energy, digital technology, 5G, logistics, tourism, financial services, healthcare and international human resources development and research. The aim is to create a business ecosystem that efficiently and sustainably connects nature, people, innovation and technology.
The EEC Business Center and Livable Smart City will be a high-quality residential area that is livable, safe and has a high level of environmental quality. It is expected to be home to over 350,000 residents from all income groups.
It will also be a business city that will create jobs for more than 200,000 people with a value of over 1.2 trillion baht.
In addition, the zone will cover 150-300 startup businesses in the special target industries and related businesses. This is expected to stimulate economic growth in Thailand and increase the country’s gross domestic product (GDP) by 2 trillion baht within 10 years.
