The government aims to attract 30 leading multinational firms to invest in the Eastern Economic Corridor (EEC), which is a designated to serve as Thailand's new growth engine with high-tech and innovative clusters, over the next two years.
Under the plan, 10 leading international companies will be solicited in the first year, said Kanit Sangsuphan, secretary-general of the EEC Office.
Several international firms have expressed interest in investing in the EEC, which spans 30,000 rai in Chon Buri, Rayong and Chachoengsao provinces. The corridor is intended to accommodate investment in 10 targeted industries: next-generation cars, smart electronics, affluent medical and wellness tourism, agriculture and biotechnology, food, robotics for industry, logistics and aviation, biofuels and biochemical, digital and medical services.
Chinese e-commerce giant Alibaba Group plans to set up a logistics hub in the EEC for distribution of its goods to the Asean region. Airbus aims to set up an aviation maintenance and repair centre, while the government plans to approach Rolls-Royce to establish an aero engine centre and other electric automakers to invest in the EEC.
"Over the past 10 years, the world's top companies have never invested in Thailand by applying for Board of Investment privileges," said Mr Kanit.
The government plans to offer incentives attractive enough to entice these companies to invest in the EEC. One of its tools is the 10-billion-baht Competitiveness Fund, which will provide financial support to investors with a focus on research and development and innovation.
The government hopes the EEC will trigger an investment spree to bolster the country's economic growth and sustain that expansion.
Mr Kanit said that rules and regulatory amendments to accommodate investment are essential in attracting funds from the world's leading companies.
For instance, import and export documents must be processed electronically and repackaging must be permitted to facilitate Alibaba and Lazada in using the EEC as their logistics hub. Those issues have been addressed in the new Customs Act.
Mr Kanit also aims to complete the terms of reference and the bidding process for constructing U-tapao airport within one year.
Upgrading U-tapao to be an international airport on par with Suvarnabhumi airport requires only 50 billion baht in investment, far below the 180-billion budget needed for developing a new international airport, he said.
The government is set to invest heavily in developing infrastructure projects for better connection between Bangkok and the three provinces. Significant development projects include the Bangkok-Rayong high-speed rail link, which will connect to Suvarnabhumi airport; the Bangkok-Pattaya motorway; double-track rail projects; and the third phase of the Laem Chabang deep-sea port.
This transport development is aimed at raising rail freight transport in the EEC to 30% of total freight shipments, up from 9% currently.
Areas to be developed into a new industrial zone will be located near U-tapao airport, while Chachoengsao will be developed to be a twin city with Bangkok, which will be linked by a high-speed train, Mr Kanit said.
For Rayong province, targeted to be an Asean centre, a high-speed train will cut travel time to Bangkok to one hour.