Prime Minister and Minister of Finance, Srettha Thavisin, announced the details of the 2024 national budget during parliamentary session (Jan 4). The Prime Minister provided additional insights into the Landbridge project.
Emphasizing the nation’s readiness, including the Suvarnabhumi Airport and the deep-sea port in Laem Chabang established during the tenure of Prime Minister Thaksin Shinawatra, Srettha highlighted the critical role of infrastructure in positioning Thailand as a significant production center. With a population of 70 million, many Thai products are distributed globally.
However, congestion and accidents at the Malacca Strait have led to substantial transportation delays. The Landbridge project aims to address this by enhancing Thailand’s competitiveness, particularly in oil transportation. Currently, 60% of global oil is transported through the Malacca Strait. If these challenges persist, they could lead to transportation problems, subsequently impacting commerce.
The government considered the Landbridge project in light of its awareness of global geopolitical conflicts. Remaining neutral and globally connected, Thailand is positioned as an advantageous shipping point.
Nevertheless, the government remains attentive to the concerns of local residents, opposition parties, civil society, and businesspeople. The government is determined to ensure that the Landbridge project becomes a mega project beneficial to the nation and holds global significance.
Furthermore, several countries, including Saudi Arabia, with high energy security, expressed interest in investing and establishing refineries in Thailand. This investment is viewed as a means to enhance Thailand’s energy security and readiness, ultimately contributing to an improved standard of living for the people. (NNT)
