Thailand offers 10-year visas for investors in industrial east

BANGKOK, Nov 24 (Reuters) – Thailand will offer 10-year visas for investors in targeted businesses in its industrial eastern region to attract foreign investment, a deputy prime minister said on Friday.

The visa plan, which starts next year, will facilitate investors as the government seeks to ease restrictions, Phumtham Wechayachai told reporters.

The government is also targeting higher overall actual investment of 500 billion baht ($14.23 billion) in the Eastern Economic Corridor (EEC) during 2023-2027, or 100 billion baht a year, he said.

Actual investment in the EEC is now about 75 billion baht a year, Phumtham said.

Companies investing in modern, environmentally friendly industries can bring in employees, specialists, executives, and professionals, who will get an EEC work permit, a flat income tax rate of 17% and a 10-year visa, the government said.

The EEC, which covers three provinces east of the capital, Bangkok, is a centrepiece of government efforts to boost growth and encourage investment, particularly in high-tech industries.

Southeast Asia’s second-largest economy grew a much lower-than expected 1.5% in the July-September quarter from a year earlier, the slowest pace this year, on weak exports and government spending.

($1 = 35.13 baht)