A new public-private collaboration should allow entrepreneurs to be more competitive and gain easier access to funding, supporting their investment and businesses in S-curve industries within the Eastern Economic Corridor (EEC).
A memorandum of understanding was signed on Monday between the Federation of Thai Industries (FTI) and the EEC Office to continue development of the corridor.
Covering parts of Chon Buri, Rayong and Chachoengsao, the EEC is set to be Thailand's high-tech industrial hub hosting 12 targeted S-curve industries, including new-generation cars, smart electronics, biochemicals and digital technology.
"Total investment in the EEC stood at 38.6 billion baht last year. The FTI will continue to support the government to promote investment in the EEC," said Kriengkrai Thiennukul, chairman of the FTI.
There are 1,209 companies with production facilities based in the three provinces.
These companies are members of the FTI, which covers 46 industries.
The federation established a new fund called "Innovation One", which aims to support investment in technology, notably in the digital field, to improve factory operations.
Mr Kriengkrai said the FTI and the EEC Office is working on the selection of areas within the EEC to serve certain industries as well as upskilling workers in these areas. These factors are important to attract new investment as investors want the necessary infrastructure and suitably skilled and trained workers capable of helping them operate their businesses.
Chula Sukmanop, secretary-general of the EEC Office, expects the cooperation with the FTI to help businesses in the EEC, especially small and medium-sized enterprises (SMEs) and startups, increase their competitiveness.
He believes the Innovation One fund will play a key role in helping SMEs and startups build strong supply chains.
"The EEC Office and the FTI also plan to form a business network to support investment and trade within the EEC," Mr Chula said.
Authorities announced last year that they would bolster Thai GDP by pushing ahead with a plan to generate 2.2-trillion-baht's worth of investment in five targeted industries in the EEC by 2026.
Under a plan that began in 2022, Thais and foreigners will be encouraged to invest in medical and wellness, digital, electronics, automotive and bio-, circular and green industries, Mr Chula was quoted as saying earlier.
With these targeted industries, the EEC should help grow the country's economy by 5% per year, or by around 400 billion baht annually, he said.