The government expects the value of investment in the Eastern Economic Corridor (EEC) to top 300 billion baht thanks to the EEC bill, says Industry Minister Uttama Savanayana.
The EEC is a magnet project for foreign investors and will play a key role in revitalising the domestic economy, he said.
"Many countries have their eyes on Asean and Thailand," said Mr Uttama.
"Asia will be the new centre of the global economy, and Asean is the most rapidly developing region."
He gave a speech yesterday at the seminar "Go Thailand: Investment for the Future in Bangkok", suggesting 2018 was the best time for local and foreign companies to invest in Thailand as the EEC fits into the government's 20-year national strategic plan (2017-36).
"It is crucial for Thailand to have a clear long-term development plan," said Mr Uttama.
Thailand 4.0, as the strategy is known, has propelled Thailand's economy over past three decades, starting with the economic development of Thailand's Eastern Seaboard, which was initially a pilot programme, he said.
The EEC promotes investment in three key eastern provinces: Rayong, Chon Buri and Chachoengsao.
The government's policy has four goals: transition out of the middle income trap by promoting high-value exports and technological innovation; improve the efficiency of industries to meet high technological and innovation standards; promote energy-friendly businesses; and reduce poverty and inequality.
"The government expects the value of investment in the EEC to top 300 billion baht thanks to the EEC bill, which has helped to build up investor confidence," said Mr Uttama.
"The ministry will probably conduct an overseas roadshow in May of this year."
Stanley Kang, chairman of the Joint Foreign Chambers of Commerce in Thailand, said Thailand's strength is its location, giving it a direct connection to many countries in the region.
"The government may have enacted high-speed railway plans, but it is imperative that it speeds up these projects along with other key initiatives, such as 5G technology," he said.
Isao Kuroda, vice-president of the Japanese Chamber of Commerce Bangkok, said Japanese investors are pleased with the facilities the government has granted in infrastructure projects.