The Department of Business Development has revealed that the number of new companies established in the EEC area during the first nine months of 2018 remains robust, totaling 5,472, an increase of 7.18%. The real estate sector leads the way, followed by construction, restaurants, and food services, as SMEs and startup entrepreneurs invest to support the city's growth and the rising population. They are preparing to help develop businesses to meet demand.   

          Mr. Wuttikrai Leewiraphan, Director-General of the Department of Business Development, disclosed that the statistics for business registration in the Eastern Economic Corridor (EEC), which includes Chachoengsao, Chonburi, and Rayong provinces, show a total of 5,472 registrations during the first nine months of 2018 (January-September), marking a 6.96% increase with a registered capital of 14.6 billion baht, up 7.18%. The top three business types registered are real estate with 950 companies and a registered capital of 3.36 billion baht, general construction with 457 companies and a registered capital of 643.55 million baht, and restaurants/food services with 214 companies and a registered capital of 459.31 million baht.

          The department anticipates that the number of registrations in the EEC for 2018 will increase by no less than 10% compared to 2017, benefiting from the government's ongoing investment promotion policies in the EEC, which provide investment incentives. This has led to an influx of SMEs establishing businesses to accommodate urban expansion due to increased investment in the EEC and a growing labor population, resulting in a higher demand for housing and investments in restaurants that are expanding in line with the population growth, as well as increased investments in service sectors such as logistics.

          “The department will collaborate with the Office of the Eastern Special Economic Corridor Development (SEC) to establish guidelines for strengthening Thai entrepreneurs. We will assist SMEs and startup groups in adopting innovations to enhance and elevate their businesses to creative enterprises, accommodating business expansion and meeting customer demands. This includes developing target businesses such as logistics services to support the growth of transportation in the EEC and the expansion of e-commerce businesses that will require increased shipping services, as well as accommodation and housing services to support the influx of both Thai and foreign residents, and the restaurant business that is expanding with the growing population,” Mr. Wuttikrai stated.

          As of September 30, 2018, there are a total of 65,800 businesses operating in the EEC, an increase of 5.32% compared to the previous year, with a total registered capital of 1.81 trillion baht, up 4.48%. The breakdown shows that there are 5,150 businesses in Chachoengsao, accounting for 7.82% with a registered capital of 172 billion baht, 48,200 in Chonburi, accounting for 73.30% with a registered capital of 1.06 trillion baht, and 12,400 in Rayong, accounting for 18.88% with a registered capital of 575 billion baht.

          Currently, the size of businesses in the EEC shows that there are 62,900 small businesses, representing 95.52%, followed by 1,703 medium-sized businesses at 2.58%, and 1,252 large businesses at 1.90%. The service sector comprises 40,200 businesses, accounting for 61.09%, wholesale/retail 15,500 businesses at 23.62%, and manufacturing 10,000 businesses at 15.29%.

          Regarding foreign investment in the EEC, which consists of legal entities established in Thailand (with foreign ownership not exceeding 49.99%), the total value is 698 billion baht, accounting for 38.48% of the total registered capital. Japan leads with an investment of 360 billion baht, representing 51.59%, followed by China with 43.7 billion baht at 6.27%, Singapore with 36.1 billion baht at 5.18%, the United States with 26.8 billion baht at 3.85%, and South Korea with 19.7 billion baht at 2.83%. The provinces with the highest foreign investment are Rayong at 380 billion baht, Chonburi at 246 billion baht, and Chachoengsao at 71.2 billion baht.   

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