Govt earmarks Bt380 bn to boost economy, EEC investment

[webfact]

Govt earmarks Bt380 bn to boost economy, EEC investment

By THE NATION

 

 

The Budget Bureau announced on Wednesday that it has finalised the drafting of the government budget for fiscal year 2020 to be presented to the House of Representatives today (October 17).

 

A source from the bureau revealed that the government has proposed a total budget of Bt3.2 trillion to drive the national strategies, reduce disparity and increase competitiveness and human potential.

 

The Bureau of Budget has allocated Bt380.803 billion or 11.9 per cent of the total budget to boost the country’s economy and ensure stable growth through 16 projects. The most notable of these is investment in the Eastern Economic Corridor (EEC), for which a budget of Bt17 billion has been set aside.

 

According to the source, the project will cover the construction and improvement of infrastructure and comprehensive logistics system via land, air and water in Chachoengsao, Chonburi, Rayong and adjacent areas.

 

Part of the budget will be used for environmental and tourism promotion, development of smart city and personnel development to support the 12 targeted industries, which will ultimately fulfil the needs of the manufacturing and service sectors and attract foreign companies to invest in EEC areas.

 

The Budget Bureau expects that the EEC investment promotion project will attract at least Bt300 billion in investment annually, with investment value increasing by at least 10 per cent a year.

 

Source: https://www.nationthailand.com/news/30377465

 

-- © Copyright The Nation Thailand 2019-10-17

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[keith101]

Why don't they just understand that while the value of the baht is so high and they don't do something to lower it no matter what they do will not do a whole lot to make the economy better especially when companies continue to put their prices up at the checkpoint .

[RichardColeman]

12 minutes ago, keith101 said:

Why don't they just understand that while the value of the baht is so high and they don't do something to lower it

Military hardware cheaper I suppose

[seajae]

looks like there will be a lot of kickbacks coming to those running the show, 380.8 billion by the usual 30% graft means there could be some big financial gains for some

[Cadbury]

22 minutes ago, webfact said:

The most notable of these is investment in the Eastern Economic Corridor (EEC), for which a budget of Bt17 billion has been set aside.

17 Billion for Salesman Somkid's EEC global roadshows (junkets) to try to find someone....anyone, to invest in Prayut's EEC dream. Even warring tinpot dictatorship countries like Turkey are welcome.

Things are getting really desperate. General Apirat hasn't helped by putting the coup cat among the pigeons and possibly scaring potential investors away.

 

[PatOngo]

Nice to have a bottomless pit of money!

[mok199]

Another huge cash pie to get divided up amongst the greedy cival servants and their close friends...

[BuddyPish]

50 minutes ago, keith101 said:

Why don't they just understand that while the value of the baht is so high and they don't do something to lower it no matter what they do will not do a whole lot to make the economy better especially when companies continue to put their prices up at the checkpoint .

And why don't you understand that reining in a strong currency is no simp0le matter.

The central bank has 150 basis points of interest rate ammo to play with and it quite rightly doesn't want to blow it on weakening a baht that's strong because of short term speculators. Thailand isn't the US, Japan or the EU; the baht cannot withstand QE or negative rates without inviting Argentinian or Venezuelan-type consequences for the currency and, by extension, the country.

The central bank is mindful of a Trump administration that's threatening any country with a significant trade surplus with the United States with a "currency manipulator" label.

 

Sorry if you're bringing weak currency into Thailand and are finding the going tough financially but the BoT doesn't set monetary policy to help long stay foreigners.

[Isaan sailor]

They obviously don’t care about a strong Baht—but it will subdue results dramatically.

[Destiny1990]

They probably spent it all on some sandbags to fill up another beach nearby. 

[ChipButty]

The only benefactors will be the elites just like they need it