Business operators in the Northeast have asked the government to allow local joint investment in the development of the proposed high-speed train route between Bangkok and Nakhon Ratchasima.
If the government gives the thumbs up to the idea, investors in the Northeast with help from Bangkok could fund the project, said Tawisant Lonanurak, a member and former secretary-general of the Northeastern Region Chamber of Commerce.
His remarks followed the government's decision to wholly invest in the Thai-Chinese double-track rail system which came after failed talks between the Thai government and its Chinese counterpart over details of the project's investment.
With an estimated project cost of at least 170 billion baht, investors from 20 provinces in the Northeast may be required to mobilise about 5 billion baht each for the investment if the government allows them to be part of the project, Mr Tawisant said.
The rest of the funds could come from investors in Bangkok. He said the project is seen by many as a worthy investment.
He cited as an example Khon Kaen investors' ability and enthusiasm for investing in a plan to develop an electric rail system in the province on their own.
The government decided to wholly invest in the Thai-Chinese train scheme because it could not agree with China's demand that it extract many benefits for itself in return for jointly investing with the Thai government in the project, especially the demand for the right to manage land along the rail route for commercial purposes.
Nakon Ratchasima Chamber of Commerce chairman Hasadin Suwatthanapongchet lauded the government for its decision not to bow to China's demands which he said would have led to China imposing monopolistic behaviour.
And as Thailand won't have to rely on loans from China, Thailand would not have to deal with risks surrounding the yuan that tend to have greater risks than the US dollar, Mr Hasadin said.
Thailand's decision to financially manage everything in the project will prompt other nations to come to Thailand with more options regarding rail system technology, he said.
Government spokesman Sansern Kaewkamnerd, meanwhile, insisted the high-speed rail project is still considered to be a Thai-Chinese venture because China will have a role in screening and approving contractor companies and supplying high-speed rail technology to the project.
"The prime minister's decision [for Thailand to wholly invest in the project] was made on the basis of protecting the country's interests now and later," Maj Gen Sansern said.
He said some criticised the government for not opting for the cheapest investment option but failed to mention unacceptable conditions that would have come with such a cheap offer, he said.
"Thailand has learned many lessons and been through a lot of pain in the past from making bad decisions that might have seemed right in the beginning but became a huge burden to the nation in the long run," he said.