Thai-Chinese joint venture CG Corporation is teaming up with the Industrial Estate Authority of Thailand (IEAT) on a 3,068-rai industrial estate in Rayong province with a development cost of 10 billion baht.
The land plot will be separated into three phases of development, all to be completed by 2021.
The company has paid-up capital of 2 billion baht from the joint venture between CP Land Plc, the property arm of Charoen Pokphand Group, and China's Guangxi Construction Engineering Group.
CP Land owns a 50% stake, the Chinese group holds 48% and a local subsidiary, Guangxi Construction Engineering Yian Thailand, accounts for the remaining 2%.
CG Corporation will increase capital in the near future to support further expansion, said CP Land chief executive Sunthorn Arunanondchai, who is also chairman of CG Corporation.
He said the new name, CPGC Industrial Estate, aims to attract Chinese investors from the mainland, Hong Kong and Taiwan.
"They are interested in the government's Eastern Economic Corridor scheme and ready for the Industry 4.0 stage," Mr Sunthorn said, adding that the S-curve policy can attract more investment flow to the EEC locations.
"CPGC is waiting for the approval of the environmental impact assessment (EIA) report, which was submitted to the related agency over a year ago, and we expect to receive a green light by 2018," he said.
CG Corporation expects to start construction for the 900-rai first phase some time in the first quarter of 2019 for the preparation of related infrastructure -- roads and utilities -- scheduled for completion next year.
The 700-rai second phase will start in 2020, and the 500-rai third phase will be completed in 2021.
Mr Sunthorn said CPGC will be an industrial zone to serve the 11 targeted industries that the Thai government aims to promote in order to increase the country's efficiency and competitiveness in the long run.
CPGC is expected to attract foreign direct investment from smart electronics, medical hubs, next-generation automotive, digital and food processing.
"We are welcoming not only Chinese people but other foreign investors as well, and we will provide multi-language staff to serve them," Mr Sunthorn said.
Suwatana Kmolwatananisa, IEAT's deputy governor for corporate strategy and development, said the 3,068-rai CPGC will be divided into a 2,205-rai industrial zone, a 112-rai commercial zone, a 443-rai infrastructure zone and a 307-rai green area.
CPGC is also under a supplemental agreement for a joint venture with IEAT to develop an industrial estate project in Rayong.
This agreement is included in the 10 memorandums of understanding that will be signed on Saturday. All 10 agreements will invite Thai firms to be a part of future development projects.
The Industry Ministry and the EEC Office will host signing ceremonies when Chinese officials lead a contingent of 504 high-ranking executives visiting Thailand on Friday and Saturday.