The government has set its sight to boost investment in the Eastern Economic Corridor (EEC) in fiscal 2023, starting from October 2022, to 500 billion baht and raising economic growth in three EEC provinces -- Chonburi, Rayong and Chachoengsao -- to 6%.
Kanit Sangsubhan, secretary-general of the EEC Office, said the area will become a vital investment destination to draw investment not only in the three provinces but the country overall.
According to the EEC Office, real GDP growth rate of the EEC provinces is estimated at 5.4% in fiscal 2022, ending Sept 4 next year, up from 3.4% in 2021, -7.8% in 2020 and 0.2% in 2019.
GDP growth in the three EEC provinces is projected to outpace the country's GDP growth projected at 4.1% in 2022, 1.2% in 2021,-6.1% in 2020 and 2.4% in 2019.
Mr Kanit said sectors in the three EEC provinces need to work together to promote investment.
In fiscal 2023, Mr Kanit said a combined 11.9 billion baht is required among 29 state agencies from 12 ministries to finance development projects in the EEC.
Key development projects in fiscal 2023 cover education development, human resources development, improving quality of life, medical hub promotion, special locations for innovation such as the Eastern Economic Corridor of Innovation, farm development, smart city, electric vehicles and digital technology development.
The integrated budget allotted for state agencies engaging in development projects in the EEC in fiscal 2023 is relatively smaller than the 20 billion baht required per year during fiscal 2018 and 2021.
Mr Kanit attributed the lower integrated budget in fiscal 2023 largely to the government's budget constraint now that a massive budget is needed to rehabilitate the economy battered by Covid-19.
The EEC Policy Committee meeting chaired by Prime Minister Prayut Chan-o-cha last month endorsed the revised investment plan for the EEC for the period 2022-26 with a combined investment value of 2.2 trillion baht.
Of the total, about 200 billion baht would stem from investment in the eastern aviation city; city development in a radius of 30 kilometres around U-tapao airport, and investment from area development along with main stations of the high-speed rail linking three airports.