Smart Park, Thailand's first high-tech industrial estate, is expected to be launched in Rayong at a total cost of 12 billion baht.
Mr Veerapong expects more than 60 companies to invest in the project.
The government projects the industrial estate to be completed in 2020 and to start operations in 2021.
The Industrial Estate Authority of Thailand (IEAT) yesterday signed a memorandum of understanding to partner with five businesses in the project, said IEAT governor Veerapong Chaiperm.
The IEAT will contribute 2 billion baht to the project and its partners the remaining 10 billion. IEAT's partners include Bangkok Mass Transit System (BTS), BCPG Plc, Global Utility Services Co, Bangkok Industrial Gas Co and the Eastern Economic Corridor (EEC) Office.
The Smart Park project, located in Map Ta Phut in Rayong, will be the first industrial estate to serve the government's 10 targeted S-curve industries, including robotics, medicine, logistics and aerospace.
The cabinet recently approved a related investment project, the Eastern Fruit Corridor, a fruit auction market located at the Smart Park.
"The government expects more than 60 companies to invest a total of 40 billion baht in the Smart Park," Mr Veerapong said.
Surapong Laoha-unya, chief executive of BTS, said the company is interested in investing in railways that will serve people in the industrial estate, as well as in other infrastructure projects at the Smart Park. The IEAT and BTS's feasibility study on the Smart Park railway system is expected to be completed in a few months.
"The company will partner with the IEAT to invest in the railways project, which will lay 4 kilometres of track across 1,500 rai of land," Mr Surapong said.
BTS expects to invest in a tram line and light rail transit systems because they are suitable for the project and less expensive than a skytrain.
"We forecast the Smart Park railway to serve 8,000-10,000 passengers per day," Mr Surapong said.
Eventually, the government plans to link the Smart Park train system with U-tapao airport 17km away.
Next month, BTS is expected to present the government with its terms of reference bid for the EEC high-speed train.