The Eastern Economic Corridor of Innovation (EECI), a joint project between PTT Plc and the National Science and Technology Development Agency (NSTDA), was officially launched last week in Rayong's Wang Chan district.
PTT president and chief executive Tevin Vongvanich said the oil and gas conglomerate has signed a memorandum of understanding (MoU) with the NSTDA for the feasibility study as well as the start of the design process and business model of the EECI, which is due to be located on 3,000 rai on PTT's Wangchan Valley.
He said the project is the first one that has private firms working with state agencies for EEC development.
Other projects to develop EEC are mostly state infrastructure investments, including a motorway extension from Chonburi to Rayong, the second runway for U-tapao airport, the third phase development of Laem Chabang deep seaport and the double-track railway.
Mr Tevin said the first area of the EECI that is due to be developed will cover 350 rai, which would be used for a development-recreation area, a commercial area and a green area.
PTT's subsidiaries such as PTT Global Chemical (PTTGC) and Global Power Synergy (GPSC) will also support the development of the EECI.
The area that will later be developed as the EECI is currently being used for PTT's Kamnoetvidya Science Academy School and Vidyasirimedhi Institute, launched in 2015.
Mr Tevin said the EECI is expected to be an addition to the science school and campus.
Science and Technology Minister Atchaka Sibunruang said the EECI will function as a centre for research and development (R&D) and innovation to serve both public and private sectors, focusing mainly on automobiles; smart electronics; petrochemicals; aviation; energy; food, agriculture and biotechnology; public health, healthcare, biomedical technology; robotics and smart devices; digital economy, the Internet of Things, and artificial intelligence; and creative economy, culture and lifestyle.
Ms Atchaka said the government has done a lot to promote R&D and innovation in Thailand.
The National Policy Council for Research and Innovation, chaired by the prime minister, was established last year to award generous tax incentives to entice spending, particularly in R&D from the private sector.
Last April the Board of Investment (BoI) endorsed incentives, including tax holidays of up to 13 years to support investment in targeted technologies, more than the eight years offered to other businesses. Investments eligible for tax incentives will be targeted at four core technologies (biotechnology, nanotechnology, advanced materials technology and digital technology), and enabling services.