Thailand's new economic model of an "aerotropolis" -- a community where the layout, infrastructure and economy is centred around an airport -- is expected to help attract up to 200 billion baht in new investment to the Eastern Economic Corridor (EEC), says the Industrial Estate Authority of Thailand.
IEAT governor Veerapong Chaiperm said the model aims to use U-tapao airport as the centre of a new community built in EEC areas.
He said the plan includes a project to expand and modernise the airport for transport purposes as well as another to develop a maintenance, repair and operation (MRO) hub nearby.
"The government wants to make U-tapao an aerotropolis, the centre of infrastructure that will link the airport to expanding cities growing out in rings from the airport," Mr Veerapong said.
He said the IEAT is working closely with the EEC Office to draft laws and regulations for new investment in the aerotropolis, which is expected to eventually be an aviation hub for Asean.
The EEC project spans more than 30,000 rai in the three eastern provinces of Rayong, Chon Buri and Chachoengsao. It was designed to accommodate new investment in targeted industries to pursue added value and push the economy towards the Thailand 4.0 era.
The government aims to attract 30 leading multinational companies to invest in the EEC over the next two years. The area is meant to be Thailand's new growth engine, featuring high-tech and innovative industry clusters.
The EEC is designed to lure 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 biochemicals; digital; and medical services.
For aviation investment, the government aims to expand the capacity of U-tapao airport to serve up to 15 million passengers within five years and 30 million within 10 years, said Kanit Sangsuphan, secretary-general of the EEC Office.
The aerotropolis model will see the government build infrastructure and facilities to serve new cities in a 10-20 kilometre radius to help spur investment in the area.
"Starting this year, the government plans to spend 10 to 20 years gradually expanding and modernising the U-tapao airport area, investing in infrastructure in that radius," Mr Kanit said.
He said the EEC Office is working with the Board of Investment in designing incentives to attract new investment in aviation and the MRO hub.
"All the regulations and incentives are expected to be finalised and put into the EEC law, which is due to be voted on by the National Legislation Assembly and implemented by the end of this year," Mr Kanit said.