The Eastern Economic Corridor (Abrv: EEC; , , ) officially the Eastern Special Development Zone (ESDZ), is a special economic zone of three provinces in eastern Thailand. Collectively, these provinces occupy an area of , and in 2016 had an estimated population of over 2.8 million.
The zone was established on 17 January 2017, at the direction of the National Council for Peace and Order (NCPO), with the mission of promoting economic integration across the (Eastern seaboard). The first law of the EEC is the Eastern Special Development Zone Act, proclaimed on 15 May 2019.
History
The Eastern Seaboard Development Programme (ESDP) was initiated as part of the Fifth Economic and Social Development Plan of Thailand (1982–1986). It aimed at developing the region of the eastern seaboard in order to promote industrial growth and to decentralize economic and population growth. The Thai government approached the World Bank for funding, but was turned away as, in the eyes of the bank, the project lacked "economic rationality". Japan rescued the project by providing a modest 178.8 billion yen (US$1.6 billion) in loans, underwriting the construction of 16 projects: ports, roads, waterworks, and industrial parks. Japanese companies then invested heavily in the region. , many of the estimated 5,500 Japanese companies in Thailand have facilities in the area.
After the 2014 coup, the NCPO announced the creation of a special economic zone (SEZ) called the Eastern Economic Corridor (EEC) with a budget of 1.5 trillion baht (US$43 billion) over its first five years. It is a key component of the "Thailand 4.0" economic policy announced in 2016. , the prime minister had invoked the special powers of Section 44 of the interim charter to revoke city plans in three provinces to remove obstacles to EEC development. Planners see the region as strategically important as it borders the gulf as well as being close to Bangkok, and two major airports.
In December 2022, the Thai government approved a 1.35 trillion baht ($44 billion) plan to develop the Eastern Economic Corridor (EEC) into a regional financial hub and a world-class smart city by 2037. The project will be divided into three phases, with the business and financial hub being constructed by 2025 and developed into one of the world's top 10 smart cities by 2037. The government estimates that the smart city will accommodate 350,000 people and create at least 200,000 jobs by 2032. 87.5% of the budget will come from the private sector, 2.8% from the government, and 9.7% from state enterprises or public-private partnerships. The project is expected to boost Thailand's GDP by 2 trillion baht over 10 years. Leased land and property in the EEC business hub and smart city will be transferred back to the government in 50 years.
Administrative divisions
The economic zone includes three principal provinces and two peripheral provinces.
Governing body
The Eastern Special Development Zone Policy Office (ESDZPO) is the governing body of the Eastern Economic Corridor. It is an independent public agency, reporting directly to the prime minister. It was established on 15 May 2019 by the Eastern Special Development Zone (2018) Act and replaced the Eastern Economic Corridor Office.
EEC Secretariat
The EEC Secretariat is headed by the Secretary-General of the Eastern Special Development Zone Policy Office.
Economy
The EEC had a 2013 GDP of US$158.79bn (on a purchasing power parity basis), and US$63.76bn (on a nominal basis), about 15% of Thailand's GDP.
Industries
Twelve Key Industries Identified as Potential Growth Engines for Thailand:
Five S-curve industries: Next-generation automotive, intelligent electronics, advanced agriculture and biotechnology, food for the future, and high-value and medical tourism.
Seven new S-curve and supporting/emerging industries: Automation and robotics, aviation and logistics, medical and comprehensive healthcare, biofuel and biochemical, digital, defense, and education and human resource development.
Promotional zones
The EEC Policy Committee approved promotional zones in two categories: Special Services Promotional Zones : Implementation of infrastructure and technological development Industrial Promotional Zone : To better facilitate the development of 12 targeted industries
Special services
Industrial
There are currently 26 industrial estates and 2 industrial clusters in the Eastern Economic Corridor (EEC) of Thailand. The industrial estates are: