A working panel will be set up by the government to closely monitor the progress of key infrastructure and water development projects and propose legal amendments to ease doing business.
The panel will be chaired by Prime Minister Prayut Chan-o-cha.
"The government needs to accelerate those projects to increase Thailand's competitiveness," Gen Prayut said.
The state aims to kick-start the construction of 20 megaprojects valued at 1.6 trillion baht this year as part of a plan to stimulate the economy.
The cabinet already approved 11 projects worth 460 billion baht that are due for completion by 2022. Private investment accounted for 25% of total investment. Eight projects are under construction.
The government expects to be able to open bids for three mass-transit routes in Bangkok, the Pink Line from Khae Rai to Min Buri, the Yellow Line from Lat Phrao to Samrong and the Orange Line connecting Thailand Cultural Centre with Min Buri, later this month.
The government is also committed to accelerating investment in two high-speed rail projects, the 193.5-kilometre Bangkok-Rayong route worth 153 billion baht and the 211km Bangkok-Hua Hin route worth 94.7 billion baht.
The two high-speed rail projects will promote connectivity between Thailand and neighbouring Cambodia, Laos, Myanmar and Vietnam.
In a related development, Finance Minister Apisak Tantivorawong said yesterday that the development land tax, a levy on land that reaps a windfall from infrastructure projects, will not be applied retroactively, so landowners who already gained benefits from state investment will be free from the tax liability.
The tax has been implemented in several countries such as Britain and Japan and in some states in the US, Mr Apisak said, adding that the tax is charged on the increased land prices.
The Fiscal Policy Office has studied the tax for several months. Revenue to be contributed from the levy will be used for expropriation expenses instead of using tax as occurs now.
In the meantime, permanent secretary for finance Somchai Sujjapongse said the tax might be a one-time charge on the increased value of land from the government's infrastructure investments.
The tax is expected to boost revenue to the government significantly if it comes into force, Mr Somchai said. It will pour into the national government's coffers rather than those of local administrations as the land and buildings tax does.
The tax is not a Finance Ministry priority, however, and many details such as distance from electric trains are still to be considered, Mr Somchai said.