Thailand to speed up investment in major projects

12/29/2017 - 4:48:48 PM

The Thai government is planning to move faster in the implementation of the Eastern Economic Corridor project.

The Thai government is planning to move faster in the implementation of the Eastern Economic Corridor project. (Source: VNA)

Director of the State Enterprise Policy Office Ekniti Nitithanprapas, said on December 27 that the government is in a position that does not allow it to utilise the country’s annual budget for investment in the EEC project as the money needs to be spent on numerous non-profit projects, such as the funding of hospitals.

At the same time, it is impossible to use money from the Thailand Future Fund because the private sector would not be able to cope with the risks associated with the project as there is only vacant land there right now, Ekniti said.

He added that public borrowing is also not viable as it could drive public debt up to the level of a financial crisis.

Therefore, the government has decided to adopt the Public-Private Partnership (PPP) Fast Track approach and have PPP EEC TRACK help shoulder the investment cost.

Meanwhile, Secretary-General of EEC policy Kanit Sangsubhan says that the adoption of PPP EEC Track will mean the implementation of five projects, including the development of U-Tapao Airport and aviation maintenance hub, a high-speed train system connecting three airports, and the expansion of Laem Chabang Port and the Map Ta Phut Industrial Port — all of which will need no less than 600 billion THB in investment.

In addition, Minister Attached to the Prime Minister’s Office Kobsak Pootrakool added that the PPP EEC Track will help speed up investment in the EEC as the entire period of preparation will take less than 10 months and the scheme is open to the involvement of both local and foreign investors.

Source: VNA

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