Thailand has unveiled plans to entice foreign investors through the introduction of a decade-long visa program for individuals investing in specific businesses within the country’s industrial eastern region.
The Deputy Prime Minister, Phumtham Wechayachai, announced this initiative, emphasizing its launch in the coming year. The primary objective is to simplify the investment process and facilitate a more investor-friendly environment by easing existing restrictions.
Wechayachai clarified during a press briefing that the government is actively working to boost investment in the Eastern Economic Corridor (EEC).
The goal is to achieve a total actual investment of 500 billion baht ($14.23 billion) in the EEC between 2023 and 2027, amounting to an annual target of 100 billion baht. Currently, the annual actual investment in the EEC is approximately 75 billion baht.
To encourage investments in contemporary, eco-friendly industries, the government is extending incentives to companies operating in these sectors.
These incentives include the opportunity to bring in employees, specialists, executives, and professionals. Such individuals will be eligible for an EEC work permit, a flat income tax rate of 17%, and a 10-year visa.
The EEC, spanning three provinces to the east of Bangkok, holds strategic importance in the government’s efforts to stimulate economic growth and attract investments, particularly in high-tech industries.
Thailand’s economy, the second-largest in Southeast Asia, faced a growth rate of 1.5% in the July-September quarter, lower than anticipated.
Weak exports and government spending were cited as contributing factors to this slower pace, marking the country’s slowest growth rate for the year.