THAILAND’S BOLD ECONOMIC STRATEGY HAS EVENTS IN FOCUS

Eastern Economic Corridor impact plus off-site activities in Chiang Rai Event planners in Asia Pacific are no stranger to the MICE landscape in Thailand, however the Kingdom’s expansive Eastern Economic Corridor (EEC) project is set to propel established MICE hotspots across the country to even greater heights—and reinvigorate the surrounding Mekong region.

The EEC will see the redevelopment of Thailand’s Eastern Seaboard—a manufacturing and trading hub—with a series of new rail and motorways that will connect the Eastern provinces of Rayong, Chonburi and Chachoengsao and link the region to Bangkok, traversing a combined area of 13,285 square kilometres.

These mega infrastructure projects, coupled with new ferry and commercial ports designed to link both sides of the Gulf of Thailand, will spur the Kingdom’s tourism and business events industry; all centred around a new ‘bleisure’ hub connecting Pattaya, Hua Hin and Bangkok.

Fuelled by US$43 billion in foreign investment over five years, the new corridor will support the growth of 10 key industries as per the ‘Thailand 4.0’ policy to develop a new economic model based around a high-value, service-driven economy.

This will be driven by the establishment of a Digital Park and Innovation district, aimed at fostering joint R&D projects between public and private sectors, universities and local communities. These will be classed as special economic zones offering tax and financial incentives, five-year work permits and land leases for private investment. The EEC will also form part of China’s Belt and Road initiative to improve transnational connectivity, global trade and economic cooperation.

Bureau support

These initiatives are expected to raise the attractiveness of each established ‘bleisure’ destination, while the Thailand Convention and Exhibition Bureau (TCEB) expects the business events industry, which currently contributes 0.84 per cent to GDP, to become a key driver in the future development the country.

TCEB’s vice president, strategic and business development, Supawan Teerarat, says: “We map our strategies in line with the country’s economic blueprint. By enhancing MICE as a driving force behind economic growth, we will connect the international business community, including Thailand 4.0-targeted industrial segments, through a strategic approach.”

Teerarat says the Thailand 4.0 strategy and EEC will encourage business activity that will, in turn, help to attract meetings linked to trade development, technology and research.

Strategic MICE opportunities

TCEB is also working closely with the EEC Office of Thailand (EECO) to ensure its goals are aligned. EECO executive director, Dr. Cholachit Vorawangso Virakul, says: “Our objective is to strengthen economic growth and create new investment opportunities for Thailand centred around innovation and advanced technology.

“We will be investing in physical and social infrastructure to elevate Thailand’s value proposition to attract high-value visitors. We will also work closely with TCEB to showcase Thailand’s economic development to the international business community.

Read full article at CEI Asia: http://www.cei.asia/article/thailands-bold-economic-strategy-has-events-in-focus/440181?eid=54&edate=20171009&utm_source=20171009&utm_medium=newsletter&utm_campaign=weekly_newsletter