The government is scheduled to begin construction of 2.3 billion baht worth of infrastructure for the Smart Park industrial estate project in Rayong in the first quarter next year as it speeds up work to build Thailand's first high-tech industrial complex to serve 12 targeted S-curve industries.
On Tuesday the cabinet approved the Smart Park project, which will be located on 1,383 rai near Map Ta Phut industrial estate, to serve investment in its much-touted Eastern Economic Corridor (EEC) scheme.
The whole project is valued at 12.3 billion baht.
Industry Minister Suriya Jungrung- reangkit said earlier Smart Park will be completed within three years and there will be no delay.
Somchint Pilouk, the governor of the Industrial Estate Authority of Thailand (IEAT), believes Smart Park can attract investors because of its good location.
The project is in Rayong which, together with Chon Buri and Chachoengsao, forms the EEC zone on the eastern coast.
The project is only seven kilometres from Map Ta Phut deep-sea port, 29km from Sattahip commercial port, 17km from U-tapao airport, 53km from Laem Chabang deep-sea port and 150km from Suvarnabhumi airport.
Mr Suriya said Smart Park should help boost the domestic economy, contributing 52.9 billion baht to the country's GDP and creating 7,459 jobs.
Economic value of 1.3 billion baht is expected to be generated annually.
The government plans to make Smart Park the first high-tech industrial estate in Thailand to serve modern industries.
The EEC hosts 12 targeted S-curve industries: cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; medical services; defence; and education development.
The project is overseen by the IEAT, which divided the park into four zones: industrial area (621.5 rai), commercial area (150.5 rai), infrastructure and facilities (373.3 rai) and green and buffer zones (238.3 rai).
Authorities already approved the environmental impact assessment report for the project.
In 2018 IEAT signed a memorandum of understanding with five business partners to co-invest in Smart Park project. It plans on spending 2.3 billion baht to develop infrastructure.
The other portion of investment, totalling 10 billion baht, is to be funded by Bangkok Mass Transit System (BTS), PCPG, Global Utility Services, Bangkok Industrial Gas and the Eastern Economic Corridor Office.