Social Return on Investment (SROI) of the Khao Luang Local Railway Tourism Project, Nakhon Si Thammarat Province

Abstract

     This study aimed to evaluate the social return on investment (SROI) of the Khao Luang Local Railway Tourism Management Project in Nakhon Si Thammarat Province. A qualitative research approach was employed using purposive sampling. Data were collected from community stakeholders located along the Khao Luang railway corridor, including areas surrounding railway stations and related rail tourism routes and activities. The SROI was subsequently evaluated.
     The SROI assessment was conducted through stakeholder analysis and outcome analysis of key activities, including the development of tourism knowledge management for the community; the development of tourism routes through the design of creative tourism programs that add value to the community; the creation and development of occupations; the enhancement of community products using local raw materials, such as souvenirs; and the upgrading of tourism entrepreneurs to higher standards within the community. These activities resulted in increased income and positive social outcomes.
     The findings revealed that the SROI assessment was conducted using an ex-ante and ongoing approach while the project was still in operation. The total project cost was 1,600,000 baht. The total net benefits, including outputs and social outcomes, were valued at 16,067,360 baht, with a net present value of 15,263,992 baht. The estimated SROI ratio was 7.88:1, indicating that the project represents a worthwhile investment.