Page 26 - Introduction to Investment Laws in Thailand

cluster for export such as textile, electronics, and automotive industry and
parts. It was also the first energy and petrochemical complex, including the
Map-Ta-Put industrial estate. It was also comprised of the first integrated
infrastructure for industrial including Lamchabang port, motorway, and
dual-rail tracks.

The EEC aims to implement Thailand 4.0 via an area-based
development. It covers three provinces, namely Chonburi, Rayong and
Chachoengsao. The EEC project comprises an extensive infrastructure
system including road, rail, aviation, shipping infrastructure, and the
development of smart cities. The EEC aims to promote investment in
targeted activities (technology and innovation development, knowledge-
based activities) and human resources development. Investors in the EEC
will enjoy additional investment promotion measures.
Impact of COVID-19 pandemic

From 2.3% GDP growth in 2019, Thailand’s economic growth was
reduced to -6.1% in 2020. The COVID-19 pandemic related measures have
disrupted tourism, trade, and supply chain, with lower domestic
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consumption and increased unemployment rate . According to the Office
of the National Economic and Social Development Board, Thailand’s GDP
was brought up to -2.6% for the first trimester of 2021 due to an increase in
exports on goods, public investment, and public expenditure. The private
domestic consumption was at -0.5%, while the services export was at -
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63.5% . The projection of economic development in 2021 is on the
estimation of the progress of vaccination against COVID-19 in Thailand. It
is estimated that the GDP will increase from about 1.5% to 2.5%

26 World Bank, "Thailand's Overview"(online), May 2021, 24 June 2021,
https://www.worldbank.org/en/country/thailand/overview
27 Office of the National Economic and Social Development Board, Gross
Domestic Product Chain Volume Measures 1/2021, accessed on 30 June 2021,
https://www.nesdc.go.th/main.php?filename=QGDP_report

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