Thai Chamber of Commerce Requires Specific Law to Facilitate New Economic Zone

BANGKOK (NNT) - The Thai Chamber of Commerce has advised the government to enact a specific law to govern the planned Northeast Economic Corridor (NEEC), covering the provinces of Udon Thani, Khon Kaen, Nakhon Ratchasima and Nong Khai, to facilitate its development.

Thai Chamber of Commerce honorary chairman Isara Vongkusolkit said a specific law will facilitate quicker and more efficient development of the new economic corridor. The law would provide a mandate for all related agencies to engage in the development, including the Interior, Industry and Natural Resources and Environment ministries, as well as the Board of Investment (BoI).

He said, currently, investors must seek permission from many agencies, leading to a lot of procedures that are deemed obstacles to development, adding that development of the corridor also requires the upgrading of the skills of local workers, which is a government priority, if it wants to staff the NEEC with Thai employees.

Mr. Isara said the BoI’s investment privileges are not the most significant factor attracting capital to the NEEC, especially for small and medium-sized enterprises, and proposed that the government implements one-stop services for investment, as well as offer financial aid packages. The NEEC is expected to manufacture products to supply the EEC and China, with an emphasis on bio-economy development, because of the area’s plentiful raw materials, such as rice, tapioca and sugar cane.