The Japan External Trade Organization (Jetro) in Bangkok has released its latest survey of Japanese investors, revealing that most are still interested in investing in Thailand's Eastern Economic Corridor (EEC).
But it remains unclear whether the survey mirrors reality, since only 48 Japanese companies, or 2.8% of the 1,700 members of the Japanese Chamber of Commerce, were polled.
The number is even smaller relative to the 5,000 Japanese companies operating in Thailand.
Jetro president Hiroki Mitsumata said the 48 respondents who gave comments to Jetro are major Japanese industrial companies with investments in Thailand, including the automotive, steel, retail, chemical and insurance sectors.
Some 58.3% of the 48 companies said they were still interested in investing in the EEC.
"Overall, Japanese investors are still interested in the EEC although the number of respondents remains small compared to overall Japanese business in Thailand," said Mr Mitsumata.
The EEC was designed as a new engine of growth, with an eye towards helping Thailand escape the middle-income trap through the 4.0 concept.
The government aims to attract 30 leading multinational companies to invest in the EEC over the next two years. The area is meant to be Thailand's new growth engine, featuring high-tech and innovative industry clusters.
The EEC spans 30,000 rai in the provinces of Chon Buri, Rayong and Chachoengsao.
He said most of the respondents agreed that the Thai government's massive investment in infrastructure to link the EEC to the major deep-sea ports of Laem Chabang and Map Ta Phut as well as plans to modernise and expand U-tapao airport have shone a light on the EEC for Japanese investors.
Asked about the Japanese investors expectations regarding the EEC, Mr Mitsumata said most Japanese companies have voiced some concerns regarding the consistency of the EEC project.
Before the latest survey, Jetro had met with Prime Minister Prayut Chan-o-cha to convey a message from Japanese investors, who believe in the potential of the EEC and the supporting policies provided by the Thai government. But they are still concerned whether these policies will continue after the current government steps down.
Japan was Thailand's biggest investor in 2016, followed by Singapore and China, according to Board of Investment data.
Concern from Japanese investors mirrored the view of the Federation of Thai Industries (FTI), which said that the Japanese, Thai and other foreign investors are still waiting for implementation of a clear legal framework governing the EEC before making any investment decisions.
"Most foreign investors want to see the EEC law implemented before taking any actions, and delays on its implementation will make them sit back and wait," said FTI chairman Chen Namchaisiri.