About 20 projects, worth 8,116 million baht, sought investment promotion in the Northern Economic Corridor in the first quarter of 2023. Also referred to as NEC-Creative Lanna, the Northern Economic Corridor covers four provinces: Chiang Mai, Chiang Rai, Lamphun, and Lampang. 

The designation of this economic corridor was approved by the Cabinet on 20 September 2022, along with the Northeastern Economic Corridor (Nakhon Ratchasima, Khon Kaen, Udon Thani, and Nong Khai), the Central-Western Economic Corridor (Ayutthaya, Nakhon Pathom, Suphan Buri, and Kanchanaburi), and the Southern Economic Corridor (Chumphon, Ranong, Surat Thani, and Nakhon Si Thammarat). 

The objectives are to distribute wealth to the regional areas of the country, reduce income disparity, upgrade the people’s quality of life, stabilize border areas, and enhance Thailand’s competitiveness connecting with neighboring countries.

According to the Thailand Board of Investment, during the first quarter of 2023, projects seeking investment promotion from BOI involved mainly agriculture and processed food, electronic components, and digital parts.

Northern Thailand has great potential for investment in agro-industry, creative industries, digital services, wellness tourism, and Bio-Circular-Green (BCG) business. It is also recognized as a center for start-ups and digital nomads and can serve as a bridge to the cities of the Greater Mekong Subregion, such as Kunming in southern China, Da Nang in Vietnam, and Siem Reap in Cambodia.

Bright prospects are seen for more investment in the Northern Economic Corridor, which is well-placed to capitalize on new opportunities arising from subregional development with neighboring countries, and is well-known for a diversity of cultural and natural attractions, ethnic cultures, and unique Lanna-style traditions in celebrating many Thai festivals.