Thailand to invest $61.97 billion in industrial corridor

BANGKOK, Thailand: Thailand wants to invest $61.97 billion in its industrial eastern region over the next five years in a bid to guarantee long-term economic growth.

The announcement was made this week by government official Thanakorn Wangboonkongchana.

He said that the plan for 2023 -- 2027 in the Eastern Economic Corridor will include investments in various sectors, including electric vehicles and medical technology.

The government is expected to make an annual investment of $11.27 to $14.08 billion in order to help the national economy grow by 5 percent per year from 2024, he said.

The investment in the European Central Bank has exceeded the original target of 1.7 trillion baht, according to Wangboonkongchana.

The economic plan, which covers three provinces east of Bangkok, is part of the government's efforts to encourage growth and attract investment, especially in high-tech industries.

The state planning agency forecast released this week said Southeast Asia's second-largest economy is expected to grow 2.7 to 3.2 percent this year.