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Bright investment outlook for Chiang Mai
Bright investment outlook
for Chiang Mai
The global economic downturn coupled with political
turbulence has marred the investment atmosphere in Chiang Mai, but the
northern city’s investment outlook seems brighter in the year to come thanks
to the government and private investments.
In the public sector alone, at least five big projects are set to get off
the ground next year, including an international exhibition and convention
centre project on a piece of land covering over 300 rai. There is also a
development project for road expansion to facilitate agricultural transport,
a logistics system and a project to improve a local bus terminal in the
provincial seat to support millions of incoming tourists.
All these will have a budget of over Bt3 billion from the government’s
Strong Thailand Project, of which Bt18 billion is allocated for the
province, while provincial authorities expect to generate more employment
and income to stimulate the local economy.
According to the president of Chiang Mai’s Chamber of Commerce, the budget
from the Strong Thailand Project is one factor that will help improve the
economy of Chiang Mai.
“As the budget for this project has been allocated mainly at the local level
here in Chiang Mai, there’ll be more investment and construction for the
primary infrastructure. Now Bt4 billion has already been distributed to
various projects here,” said Narong Kongprasert, president of the Chiang Mai
Chamber of Commerce.
Meanwhile, the vice president of the Real Estate Entrepreneur Association of
Chiang Mai and Lamphun believe that real estate in the region is outstanding
and continues to grow during the last quarter following signs of economic
“The tendency of the housing development market in Chiang Mai this year
hasn’t actually gone down,” said Paisan Phucharoen, the association’s vice
“Although there were problems with Thailand’s internal politics and color
codes in the beginning of the year, the economy in Chiang Mai in 2010 could
in fact be vigorous, for I heard that there are two big companies from
Bangkok which came to buy and plan to develop land here in the province.”
An example of the positive investment trend in real estate, around Bt1.2
billion has recently been invested in a housing development project, set to
be completed early next year on a piece of land connecting Chiang Mai’s
provincial seat and Hang Dong district, an area considered a prime location
for real estate developers, and where several other projects are also under
Also, as a city of undoubted potential, Chiang Mai has recently attracted a
group of Dutch investors to extend about Bt3 billion for construction of a
large department store to be targeting over 14 million northern Thais.
From all investments planned ahead, the city has guaranteed itself that for
the year to come it is still a jewel for many who love to discover more of
this land called the ‘Rose of the North’ filled with its Lanna culture.
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