Deputy Secretary-General to the Prime Minister and Acting Government Spokesperson Anucha Burapachaisri disclosed that Prime Minister and Defense Minister Gen. Prayut Chan-o-cha was reported by the Board of Investment of Thailand (BOI) on the Northern Economic Corridor (NEC-Creative LANNA) Development Plan under the new 5-Year Investment Promotion Strategy (2023-2027).
The Northern Economic Corridor (NEC) covers 4 provinces: Chiang Mai, Chiang Rai, Lampang, and Lamphun. It was established after the cabinet approved designation of 4 special economic corridors in 4 regions, as proposed by the Office of the National Economic and Social Development Council (NESDC). NEC is aimed to promote the integration of local wisdoms, modern technology and innovation for economic development. The North of Thailand is a potential area of investment in several S-Curve industries, i.e., agriculture and processed food, BCG businesses, creative industry, digital industry, and healthcare tourism, as well as the development of smart and innovative city. The region also attracts startups and digital nomads, and is notable for its beautiful art and culture, and handicrafts, as well as linkages with the neighboring countries via various transport networks which facilitate trade, investment, and tourism activities.
During the first quarter of 2023, BOI received applications for investment promotion in the NEC for 20 projects, worth over 8 billion Baht. Other than NEC, the Government also strives to promote investment in the other 3 economic corridors, namely, Central – Western Economic Corridor (CWEC), Northeastern Economic Corridor (NeEC – Bioeconomy), and Southern Economic Corridor (SEC) to empower and strengthen local economies. (PRD)
