The Industry Ministry aims to see real investment in new S-curve industries by the end of this year, says a key official.
To achieve the goal, the government will use the Pracha Rat initiative and its joint approach between the public and private sectors to promote sustainable economic growth, said Siriruj Chulakaratana, director-general of the Office of Industrial Economics (OIE).
"In 2017, the Industry Ministry will rev up the start of real investment in S-curve industries," he said. "Investment in at least four or five industries should start within this year and be the growth engine that helps drive the country's economy."
The S-curve is a model under which new businesses with high technology and innovation are created at a time when company growth reaches a peak and begins to taper or level off.
The new S-curve industries are to form the core of the Eastern Economic Corridor (EEC) project.
The EEC spans a combined 30,000 rai in the provinces of Chon Buri, Rayong and Chachoengsao to accommodate investment in 10 targeted industries. They are next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
Mr Siriruj said the OIE will promote the first five industries under the S-curve project (food, robotics, next-generation cars, biofuels/biochemicals, textiles/garments), since they are expected to help add value quickly.
Science and Technology Minister Atchaka Sibunruang said her ministry will play a role by lending support to research and development.
As a result, several science parks and one-stop services related to science and R&D have been set up to help the private sector, such as the Food Innopolis and the Food and Feed Innovation Center.
Ms Atchaka said the support measures will help create new innovation and technology to strengthen the competitiveness of Thai industry.
She said the National Science Technology and Innovation Policy Office under the Science and Technology Ministry will spearhead the movement of the 10 targeted industries into the Thailand 4.0 era.
"The ministry has invited 80 companies to brainstorm with us and work together with our laboratories in the science and innovation centres," Ms Atchaka said. "This project is aimed at helping Thai companies, especially small and medium-sized enterprises, develop their market strategy as well as their products."
She called the project part of the country's "20-year strategy".