
The 2.1-billion-baht Pinthong Industrial Estate 8 is slated to be built in Chon Buri to serve investment in the Eastern Economic Corridor (EEC), helping to lift the sluggish economy.
The industrial estate, which spans 1,100 rai of land in Si Racha district, is expected to be co-developed by the Industrial Estate Authority of Thailand (IEAT) and developer Pinthong Industrial Park Plc.
Pinthong Industrial Estate 8 is meant to support investment in targeted industries, including new-generation cars, medical equipment and renewable energy, generating an estimated 33.4 billion baht in economic value and creating 8,350 new jobs.
"We believe this industrial estate will receive a good response from investors who want to expand investment in the EEC," said Sumet Thangprasert, acting governor of the IEAT.
The EEC, which covers parts of Chon Buri, Rayong and Chachoengsao, is marketed as Thailand's high-tech industrial hub, hosting 12 targeted S-curve industries, including smart electronics and new-generation cars.
Thailand has the potential to draw foreign investment, which should increase in Southeast Asia as companies consider relocating production facilities to avoid the impact of trade wars and geopolitical conflicts, said Mr Sumet.
The government's promotion of investment in the EEC and efforts to make Thailand a regional electric vehicle production hub are expected to increase industrial land prices by 30% for tenants in industrial estates, said Sujin Rienvirijakit, chief financial officer and executive director of Pinthong Industrial Park.
The construction of Pinthong Industrial Estate 8 is scheduled to be complete in three years.
Pinthong Industrial Park has eight industrial estates, with Pinthong Industrial Estates 7 and 8 still being developed. The company said earlier it would push ahead with projects to build Pinthong Industrial Estates 9 and 10 in Rayong, spanning 3,000 rai of land in total.
Entrepreneurs from Japan comprise the majority of investors, accounting for 40% of total investors at Pinthong-owned industrial estates, followed by China (21%), then Europe, Thailand and Taiwan.