Chinese investors express interest in EV projects

Chinese investors express interest in EV projects

Kanit Sangsubhan, secretary-general of the EEC Office
Kanit Sangsubhan, secretary-general of the EEC Office

More Chinese investors are interested in carrying out electric vehicle (EV) projects in the Eastern Economic Corridor (EEC), with next-generation car development among the targeted S-curve industries in the EEC.

Investors want to bring in suppliers from China's automotive sector to invest here to serve supply chains, said Nongnuth Phetcharatana, the EEC Office's special adviser on foreign affairs.

"The Thai EV policy is attractive to foreign investors and, with tax and investment incentive packages, the EEC is regarded as an investment destination," she said.

German investors also plan to invest in EV battery manufacturing facilities to serve growing demand for EVs in the future, said Ms Nongnuth. They are also interested in developing plastics recycling plants for petroleum products.

Kanit Sangsubhan, secretary-general of the EEC Office, applauded the state's clear EV policy for paving the way for a stronger EV industry in Thailand.

In March last year, the National EV Policy Committee announced it wanted EVs to constitute 50% of locally made vehicles by 2030, part of an ambitious plan to make Thailand a regional EV production hub.

In February of 2022, the cabinet approved a package of incentives including tax cuts and subsidies for EV consumption and production between 2022 and 2023.

Development of other industries in the EEC is also gathering momentum. Investments in medical, agriculture and tourism businesses also increased, said Ms Nongnuth.

The Board of Investment has approved investment project proposals worth a total of 986 billion baht.

Infrastructure development is also making steady progress. Investment in the second-phase development of the EEC is estimated at 2.2 trillion baht from 2022 to 2026.

"The second phase is expected to contribute 4.5-5% in economic value to GDP," said Mr Kanit.

The four-year first-phase development, which ended last year, focused on four key infrastructure projects worth 655 billion baht, including high-speed railway linkage for three airports.

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