The Eastern Economic Corridor of Innovation (EECI) is set to start construction of the first phase worth 4.5 billion baht in 2019, says the National Science and Technology Development Agency (NSTDA).
The EECI is an industrial promotion zone located in Sri Racha district of Chon Buri and Wang Chan district of Rayong.
NSTDA president Narong Sirilertworakul said the first phase of development is in Wang Chan Valley with NSTDA as developer.
"The agency has a government budget of 1.1 billion baht so far to spend on construction of the EECI's related infrastructure such as buildings, roads, power and water," Mr Narong said.
He said the NSTDA will proceed to disburse the fiscal 2020 budget for the remaining 3.4 billion baht on a biorefinery project for farm products under the first phase, expected to finish construction by 2022.
The EECI site in Wang Chan Valley occupies a land plot owned by national oil and gas conglomerate PTT.
The location spans 3,140 rai, of which 1,000 rai is held by the Kamnoetvidya Science Academy, the Vidyasirimedhi Institute of Science and Technology and the Wangchan Reforestation Project, all run by PTT.
The remaining 2,140 rai will be developed by the Science and Technology Ministry and PTT.
The EECI at Wang Chan Valley will concentrate on two categories of technology and innovation: Aripolis, a centre for research and innovation in automation, robotics and intelligent systems; and Biopolis, a centre for research and innovation in life sciences and biotechnology.
Four companies have shown their intention to join the EECI scheme: PTT Exploration and Production Plc, PTT Global Chemical Plc, Bangkok Industrial Gas Co and BioLasco Co.
Industries set for development at the EECI include robotics, energy storage, processed food and unmanned aerial vehicles.
For the EECI in Sri Racha, Space Krenovation Park is being developed on 120 rai. The Geo-Informatics and Space Technology Development Agency is the developer of Krenovapolis, a centre for innovation in space technology and geoinformatics.
The government has allocated 33 billion baht for EECI infrastructure development, while private companies will spend 110 billion baht.
The EECI is expected to contribute economic value of 271 billion baht over the next 20 years.
Prime Minister Prayut Chan-o-cha yesterday presided over the groundbreaking ceremony of the EECI at Wang Chan Valley.
Gen Prayut said the government is promoting 12 new targeted industries, highlighting technology and innovation.
"Technology, innovation and education are three vital factors to reduce inequality in Thailand," he said.
With the development of the EECI, Thailand needs to improve education in science, technology, engineering and mathematics, Gen Prayut said.