In a landmark decision during the May 14th cabinet meeting, Thailand has launched a new visa scheme aimed at invigorating foreign investment in the Eastern Economic Corridor (EEC). The EEC is a pivotal economic zone encompassing three eastern provinces, dedicated to advancing industries such as future automotive, smart electronics, health tourism, agriculture and biotechnology, robotics and automation, aviation and logistics, biofuels and biochemicals, and medical services.
The EEC Visa: A Strategic Move
The newly introduced EEC Visa is crafted to simplify the entry and residency of foreign specialists, executives, professionals, and their families in Thailand for up to five years. The visa is segmented into four categories:
✓ EEC Visa “S” for Specialists: Aimed at individuals with specialized skills crucial to the targeted industries.
✓ EEC Visa “E” for Executives: Designed for high-level executives managing operations within EEC industries.
✓ EEC Visa “P” for Professionals: Intended for professionals contributing to the development of the EEC.
✓ EEC Visa “O” for Spouses and Dependents: Extends visa benefits to the family members of visa holders.
Crucially, the EEC Visa is valid for ten years, supporting multiple entries and exits, contingent on the employment contract’s duration. The issuance and category change fee is set at 10,000 baht per person annually, while the EEC work permit application incurs a fee of 20,000 baht per person.
Strategic Objectives and Economic Impacts
Mrs. Rudklao, spokesperson for the initiative, underscored that the EEC Visa aligns with Thailand’s strategic objectives to propel targeted industries and enhance national competitiveness. This initiative is anticipated to attract foreign talent and expertise, driving innovation and growth in the designated sectors, thereby advancing Thailand’s economic stature on the global stage.
EEC Targeted Industry Focus: Digital Innovation
The EECd (Eastern Economic Corridor for Digital) particularly emphasizes the growth of digital industries within the EEC region. As a hub for digital innovation, technology development, and knowledge exchange, the EECd aims to bolster Thailand’s competitiveness in the digital economy by luring leading tech companies, promoting R&D activities, and providing supportive infrastructure and services for digital enterprises.
EECd Development Challenges and Progress
The EECd development adheres to the Cabinet’s Directive from December 18, 2020, transitioning responsibility to the Eastern Economic Corridor Office (EECO), in collaboration with the Department of Highways (DOH) and the National Telecommunications Public Company Limited (NT). Despite the initial lack of private sector investment proposals, the project has attracted significant international interest. Key investors include CtrlS from India, the Electricity Generating Authority of Thailand (EGAT) for an EV Charging Prototype Center, and ALBA Asia Group Limited, specializing in Digital Zero Waste and Recycling.
Moving Forward: Building a Digital Future
The DOH’s Thailand Digital Valley project, spanning 30-rai (approximately 11.8 acres), sets the stage for further EECd development. The commitment from international investors highlights the potential and global confidence in Thailand’s digital future.
Conclusion
The EEC Visa represents a strategic effort by Thailand to attract foreign expertise and investment, particularly in high-tech and innovative industries within the EEC. By simplifying visa processes and focusing on key growth sectors, Thailand aims to establish itself as a formidable player in the global economy. The EECd’s emphasis on digital innovation further underscores Thailand’s commitment to evolving into a technologically advanced and economically robust nation. As these initiatives unfold, they promise to transform the economic landscape, fostering sustainable growth and development in the region.