The Eastern Economic Corridor (EEC) Policy Committee on Tuesday approved the establishment of the EEC Business Centre and Livable Smart City, which are expected to create more than 200,000 jobs.
Government spokesman Chai Wacharonke said the EEC Business Centre and Livable Smart City is part of the vision to make the EEC a regional business and finance hub by 2027 and one of the world's smart cities by 2037.
The project's first phase will see the development of an area covering 5,795 rai in tambon Huay Yai in Bang Lamung district of Chon Buri with an estimated investment of 535 billion baht.
"The EEC Business Centre and Livable Smart City are designed to accommodate 350,000 residents from all income groups and create more than 200,000 jobs with employment worth 1.2 trillion baht and about 150-300 start-ups in targeted businesses," he said.
This will stimulate economic growth and bring GDP to 2.2 trillion baht within 10 years, Mr Chai said.
He said the EEC Policy Committee also stressed the importance of drawing investments in targeted industries and related businesses such as clean energy, digital technology, logistics, human resource development and international research.
According to Mr Chai, Prime Minister and Finance Minister Srettha Thavisin has lent full support to the EEC Business Centre and Livable Smart City project, which is hoped to make Thailand more attractive to foreign investors.
Deputy Prime Minister and Commerce Minister Phumtham Wechayachai chaired Tuesday's meeting of the EEC Policy Committee.
In November last year, the EEC Policy Committee endorsed a draft five-year EEC development plan from 2023 to 2027 to attract 500 billion baht worth of investments to the area, averaging 100 billion annually.
The plan outlines five development strategies that include promoting investment in targeted industries and future services and enhancing the efficiency and utilisation of infrastructure and public utility systems.