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“The EEC is a rough uncut diamond – the next five years will show if everything falls into place ”
“The huge investment in Thailand’s infrastructure also opens the door for public-private partnerships with the government and handsome profits for foreign corporations.”
At the same time, Eder highlights the need to be cautious in a country known for “U-turns” on legal framework. “Thailand’s cluster development sometimes seems like a moving target,” he adds, suggesting disproportionate favouritism is also sometimes shown to multinationals like Alibaba over foreign SMEs, but he admits the scheme shows huge promise. “The EEC is a rough uncut diamond – the next five years will show if everything falls into place.” While Thailand 4.0 is still very much in the conceptual stages, things are starting to shift into gear. All of the billion-dollar contracts for the vast infrastructural upgrades will be finalised by the end of this year, with projects scheduled to come to fruition as early as 2021. Legal reforms are also under way: the EEC Act was passed in March 2018 to formalise a number of relaxed tax and visa legislations, as well as financial incentives.
FROM TOP LEFT:
Hua Hin Marriott Resort & Spa;
Mövenpick Asara
Resort & Spa Hua Hin; and Cartoon
Network Amazone water park
SEP T E M B ER 2 0 18 CLOCKWISE
TRAVELLER HIGHLIGHTS Of course, one of Thailand’s key strengths as a business destination is that it’s not all about business. Travellers to Thailand will come across qualities such as high standards of service, an inherent friendliness, wonderful food, alluring beaches and gala venues full of character. Tourism is naturally one of the key industries for development under the Thailand 4.0 drive, encompassing everything from wellness retreats and spa resorts to ecotourism initiatives and medical facilities. Neighbouring Gulf hotspots Pattaya and Hua Hin are prime candidates for development, targeting leisure tourists, business travellers and MICE delegates, and a raft of new hotels have opened in the past year.
In June 2017, Onyx announced US$100 million investment in a new Ozo hotel, plus improvements to its existing Amari Pattaya property next door. Other new entrants to the market include Renaissance Pattaya Resort & Spa (opened September 2017), Golden Tulip Pattaya Beach Resort (opened July 2018) and X2 Pattaya Oceanphere luxury villas, expected to be open by the end of the year.
While Hua Hin is a quieter seaside destination, it boasts a number of five-star hotels including Hilton, Marriott and Intercontinental, with more developments on the way. “Plans include a new convention centre and ongoing development of themed attractions and new accommodation, so it can easily attract more investment and MICE travellers in the near future,” says Yoswee. However, the EEC will also be positioned as a new tourist-friendly destination in its own right, with eco-initiatives ranging from mangrove reforestation to fruit gastronomy. Other highlights range from the high-octane and family-friendly Cartoon Network Amazone water park to a cultural showcase of Buddhist and Hindu art at the Sanctuary of Truth. “Thailand’s Eastern Economic Corridor is a diverse region and offers a huge range of attractions to tourists and visitors,” said Yuthasak Supasorn, governor of Tourism Authority Thailand (TAT). “We want people coming here for work or travel to have the chance to explore the culture of the area. They’ll find communities offering unique local experiences from exploring 100-year-old water markets to making connections with people via homestay and fishing excursions.” BT
bus ine s s tr a v el ler .c om
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