PATTAYA, Thailand – Keeree Kanjanapas, Chairman of BTS Group Holdings, confirmed that U-Tapao International Aviation Co., Ltd. (UTA) is ready to move forward with the U-Tapao Airport and Eastern Aviation City project, valued at 290 billion baht, following renewed agreements with the Eastern Economic Corridor (EEC) on investment incentives.
The project, a key infrastructure development in the EEC, has been stalled for over five years due to pending government approvals. “Our company and shareholders are fully prepared to advance the U-Tapao International Airport project to the best of our abilities,” Keeree said.
UTA and the EEC recently signed a memorandum of understanding extending the project timeline to December 2025. This extension aims to allow the EEC to finalize investment incentives, tax rates, and free-zone regulations, which are critical to attracting investors. Once the incentives are clarified, UTA plans to begin roadshows to engage potential investors.
Keeree emphasized that while the high-speed rail connecting the three airports has not yet begun construction, the airport’s initial size will be reduced to align with current economic conditions and the ongoing development of Suvarnabhumi Airport by Airports of Thailand (AoT).
“The most important issue now is ensuring investors have clear benefits,” Keeree said. “Global economic conditions are challenging, and investment incentives are key to competitiveness. Once these are resolved, we can start promoting the project to investors.”
The U-Tapao airport project alone involves an investment of approximately 50 billion baht, with an initial passenger capacity of 12 million per year. The full Aviation City development, including supporting infrastructure, is expected to exceed 200 billion baht, offering an internal rate of return (IRR) of around 10.2%.
Keeree noted that the EEC area covers more than 6,500 rai, but the development of surrounding areas, totaling hundreds of thousands of rai, depends on the airport’s timely launch. “This project is primarily private investment. If it cannot generate profit, investors will not participate. That is why we extended the timeline to December 2025 — to allow multiple agencies to finalize the incentives,” he said.
The BTS chairman expressed confidence that once approvals and benefits are secured, the U-Tapao Aviation City will become a transformative project for the EEC and Thailand, unlocking substantial economic and regional development potential.
