Move to speed Eastern Economic Corridor project

BANGKOK, July 2 (TNA) -- In an attempt to accelerate the Eastern Economic Corridor (EEC) project, the government is preparing to issue a new law which would exempt a personal income tax for investors, allowing the use of US dollar for business transaction and to find appropriate locations for investors. Kan Trakulhoon, chairman of special economic zone working committee for investment in the eastern seaboard, said while visiting China’s Shanghai city that the Thai cabinet had approved the EEC project in principle while his committee is expected to spend about three months in studying details of the project. A draft law on the EEC project will then be forwarded to the cabinet for its consideration, said Mr Kan. He said that it is agreed initially to offer a personal income tax exemption or a collection of 10 per cent tax at maximum from investors and senior researchers, both local and foreign, in the three eastern provinces including Chachoengsao, Chon Buri and Rayong. Other benefits which are expected to offer include a five-year long work permit, finding appropriate locations for industrial sector to induce local and foreign investors, he said. Investment in the area is at first projected to be divided into three categories including an industrial, basic infrastructure and city developments, he said. Also, talks had been held with the Bank of Thailand which would allow investors within the EEC to pay in the US currency and also permitting foreign banks to set up branches, said Mr Kan. On the current development of U-Tapao Airport which straddles Chon Buri and Rayong provinces, Mr Kan said a new passenger terminal is now complete and it could accommodate about three million passengers a year, compared to between 700,000 – 800,000 passengers now. It is projected that the number of passengers using the airport would soar to 10 million in the next four-five years, he added. (TNA)