Ten leading industrial companies and foreign investors have decided to invest and expand in the special economic zone of the Eastern Economic Corridor (EEC), says a key official.
That accounts for a third of the total 30 companies the government aims to attract as investors in the area, said Kanit Sangsubhan, secretary-general of the EEC Office.
The EEC is being promoted as the flagship to drive Thailand into the 4.0 era and take the country out of the middle-income trap.
"At this stage, around 10 companies, both Thai and foreign companies, have decided they will definitely start investing in the EEC this year," Mr Kanit said.
The companies include leading enterprises such as Airbus, Lazada, Toyota, Honda, Siam Cement Group and PTT Group, he said.
Other major companies in robotics and electric vehicles (EV) have also expressed interest in investing in the EEC.
They said they would make a final decision about their investment this year, Mr Kanit said, making the EEC Office more confident of meeting its investment target of attracting up to 30 companies.
The corridor spanning more than 30,000 rai in the three eastern provinces of Rayong, Chon Buri and Chachoengsao is projected to help generate new investment of up to 1.5 trillion baht within five years from both the government and the private sector.
The area is meant to serve as Thailand's new growth engine through 10 targeted industries: next-generation cars; smart electronics; affluent, medical and wellness tourism; agriculture and biotechnology; food; robotics for industry; logistics and aviation; biofuels and biochemicals; digital; and medical services.
With the government lending full support, the EEC expects to draw new investment value of up to 20 billion baht in the first phase, which is due to start by the end of this year when all infrastructure projects to link the EEC to other regions are in place.
Mr Kanit said the EEC Act, a new civil law designed to govern all activities in the EEC, is on track and is expected to be enacted by this October.
The legislation should help increase confidence among Thai and foreign investors and could encourage them to start investing in the EEC, he said.
The EEC Office is due to update the investment situation and the development of the EEC at its next meeting on July 19, to be chaired by Prime Minister Prayut Chan-o-cha.