Thailand’s government expects private investment in the Eastern Economic Corridor (EEC) scheme to reach as much as 2.5 trillion baht in 2027.

EEC Office secretary-general Kanit Sangsubhan said private investment in the EEC will stay at an average of 500 billion baht a year between 2023 and 2027, up from 300 billion baht a year between 2019 and 2023. This is believed to be enough to boost Thailand’s annual economic growth to an average 5% a year between 2023 and 2027.

According to Mr. Kanit, the key drivers, from 2023 to 2027, will stem largely from 5G investment, electrical vehicles, medical industries and the bio-circular and green (BCG) economy.

He said the COVID-19 outbreaks and ongoing trade war between the US and China are expected to prompt more foreign investors to relocate their production bases to Thailand, while investment in electric vehicles made good progress, with US investors already investing in battery manufacturing and Chinese investors starting to make EVs.