He said the Eastern Economic Corridor (EEC) project in Chachoengsao, Chonburi, and Rayong provinces is important for economic development, with all investments to comply with government policy while feasibility studies as well as public opinion will be conducted.
Regarding the land lease which will allow foreigners to rent the land for up to 99 years, he said that such condition is in line with the Real Estate for Commerce and Industry Act of 1999 which allows foreigners to acquire a land lease contract for 50 years, with a possible extension of up to 49 years.
The arrangement will allow investors to be confident with the profitability of their investment, while the extension of the lease for additional 49 years is subject to review by the authorities who will take into consideration the values of investment, employment of human resources, benefits, and other effects.
The law also requires foreigners who wish to rent the land to only use it for business purposes in targeted categories. The land rental for residential purposes or ownerships of land exceeding the permitted quota are not allowed.
Foreign owners of the land who fail to run businesses on the rented land for three years are required to transfer the land rights within a year.
The rent by foreigners of a condominium for residential purposes is only available for companies or experts and investors permitted by the EEC office.