2018 will be Thailand’s turning point

Next year will be Thailand’s turning point, says Deputy Prime Minister Somkid Jatusripitak, as much-touted infrastructure projects, international broadband development and investment in the Eastern Economic Corridor (EEC) are scheduled to get started.

Global investment is expected to shift towards Asean, where Thailand will reap the benefit of its central location, Mr Somkid said yesterday at an economic seminar hosted by Prachachat Turakij newspaper.

“At the recent meeting of the Apec CEO summit in Da Nang and the Asean leaders’ summit in Manila, it was found that every country, be it the United States, Canada, European Union, Japan or India, all want to conduct bilateral cooperation with Asean, while Asean’s existing dialogue partners, comprising Japan, South Korea, Australia, New Zealand and China, need to accelerate the bilateral trade pact with the region,” he said. “This is a significant opportunity for Asean, as well as for Thailand, which is the centre of the region.”

According to Mr Somkid, Thailand is also a vital link in China’s One Belt, One Road initiative. One Belt, One Road refers to China’s proposed Silk Road Economic Belt and Maritime Silk Road. Connectivity will extend to five major areas of interest: policy coordination, infrastructure construction (including railways and highways), unimpeded trade, financial integration and people-to-people ties. Among the five, infrastructure construction is the dominant feature of the New Silk Road.

Mr Somkid also voiced confidence that investment from China, Japan, Taiwan and Hong Kong, among other territories, will flood into Thailand next year, especially into the EEC, where generous privileges are on offer to 10 targeted industries. The government forecasts EEC investment from the public and private sector to top 1.5 trillion baht in five years. The corridor spans the eastern provinces of Chachoengsao.

Read more: https://www.bangkokpost.com/business/news/1361251/somkid-says-2018-marks-turning-point