Thailand is pitching a 28 billion dollars project to bypass the shortest sea route Malacca Strait, which links Asia-Pacific region to India and the Middle East
The Landbridge Project is a plan that will cut the shipping time between the Indian and Pacific Oceans by an average of four days and lower shipping costs by 15 percent, said Thailand’s Prime Minister, Srettha Thavisin.
According to the plans of the project, seaports will be built on either side of Thailand’s southern peninsula. The 100-kilometer connection will be linked by highway, and rail networks.
A cheaper, faster and safer route.
Thavisin said, “The Landbridge will be an additional important route to support transportation and an important option for resolving the problems of the Malacca Strait. This will be a cheaper, faster and safer route. The port on the west will have capacity to handle 19.4 million ton equivalent units, while the eastern one is designed for 13.8 million TEUs, together accounting for about 23% of the Port of Malacca’s total cargo.”
Thailand’s annual economy will grow 5.5 percent
The project that Thailand aims to complete by 2030 will create 280,000 job opportunities as well as raising Thailand’s annual economic growth by 5.5 percent.
Project is pitched to foreign investors
While allowing 50 percent to be owned by foreign investors in joint ventures with local companies, the project is pitched to investors from China, Saudi Arabia and USA.
Bloomberg
