The Board of Investment (BoI) aims to attract more investment to the Southern Economic Corridor (SEC), which can be further developed to support the state's Land Bridge megaproject.
The SEC covers four southern provinces -- Chumphon, Ranong, Surat Thani and Nakhon Si Thammarat. They are known as key rubber and palm plantations as well as having popular tourist attractions.
BoI officials paid a two-day visit to the SEC in order to gather first-hand information in the area and meet key business people to discuss plans on further development of the SEC.
The visit ended on Aug 3.
Officials will use the information gathered to design a plan to promote future investment there, said Narit Therdsteerasukdi, secretary-general of the BoI.
The SEC has the potential for further development as Chumphon and Ranong are set to be part of the Land Bridge megaproject, he said.
The Land Bridge development comprises a logistics network connecting Ranong on the Andaman Sea to Chumphon on the Gulf of Thailand.
The project will have deep-water ports in both provinces, a motorway cutting across the land area to connect the two provinces, along with a railway system.
"The SEC is in a prime location. We see an opportunity to bring its potential on to draw investment, especially in industries that can add value to local products," said Mr Narit.
The SEC can be developed into a hub for seafood processing and food manufacturing for halal markets.
Businesses related to renewable energy development could be also a good new source of revenue for the region.
According to the BoI, the SEC has become a long-stay destination for foreigners with high purchasing power. There are also key digital nomad communities on the resort islands of Samui and Phangan in Surat Thani.
Between 2015 and June 2024, the board received 275 investment project proposals, mostly in the agriculture and renewable energy sectors, from entrepreneurs who were interested in embarking on new businesses within the SEC.
The investment value stood at 73.2 billion baht, accounting for 30% of total investment in southern Thailand.