BANGKOK: Thailand’s Eastern Economic Corridor (EEC) has advised CP Group to appeal to the Board of Investment (BoI) for an extension of the investment promotion privileges for the high-speed railway connecting three airports.

       The existing BoI privileges for the project expired on Jan 22.

       According to Chula Sukmanop, secretary-general of the EEC Office of Thailand, the EEC believes that an appeal to the BoI is the best way to move the project forward.

       The BoI is responsible for granting investment promotion privileges, such as tax breaks and import-duty exemptions, which significantly benefit investors.

       CP Group has already submitted a letter of appeal to the BoI. The EEC is confident that the BoI will consider the appeal favourably, as the major infrastructure project is important to the national economy.

       The high-speed railway connecting three airports is a 220km line that will link Bangkok’s Suvarnabhumi and Don Muang airports with U-tapao International Airport.

       The project is expected to cost 224.54 billion baht and is scheduled for completion in 2028. Extensions of investment promotion certificates from the BoI have been granted three times, each for a period of four months.

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       CP Group’s subsidiary, Asia Era One Co Ltd which has been granted a concession to invest in and operate the high-speed railway project, has submitted requests for extensions twice, totalling eight months.

       In this latest request, they have applied for an additional extension of four months, with the expiry set for May 22, 2024.

       However, the BoI had declined to approve the extension of the investment promotion licence, pointing out that two previous extensions have already been granted.

       Deputy Prime Minister and Commerce Minister Phumtham Wechayacha, in his capacity as the chairman of the EEC Committee, said that he is aware of the issue, but is awaiting a detailed report from the committee.

       He has provided policy guidelines to the EEC secretary-general, instructing a thorough examination within the legal framework.

       If it can be implemented and move the project forward, he requested expeditious action. The high-speed railway project is considered crucial for the EEC and is deemed necessary due to its significance as a vital infrastructure project.

       The project is expected to generate significant economic benefits, including increased tourism, improved connectivity, and job creation. — The Nation/ANN