Thai Cabinet approves Smart Park Project
The Cabinet has approved investment in the 2.37-billion-baht Smart Park Industrial Estate Development Project. The Smart Park location will be in Huai Pong subdistrict, Mueang district, Rayong province.
The project is part of the Eastern Economic Corridor (EEC) Program. It will be located about seven kilometers from the Map Ta Phut Industrial Port. The distance from U-Tapao International Airport will be 17 kilometers. The project covers an area of 553.2 acres.
Entire Program Value
The entire program value is worth 12.3 billion baht. In addition, the other portion of investment, totaling 10 billion baht, will receive funding from other government linked entities. Firstly, Bangkok Mass Transit System (BTS), secondly, PCPG, thirdly, Global Utility Services, fourthly Bangkok Industrial Gas and lastly by the Eastern Economic Corridor Office.
The Ministry of Industry told the Cabinet that the Smart Park project would focus on such target industries as robotics, aviation, logistics, digital, and medical businesses. The government is speeding up work to build Thailand’s first high-tech industrial complex to serve 12 targeted S-curve industries.
However, according to government expectations, development of the Smart Park would require three years. This includes various areas within this industrial estate. After that, it will be rented within four years after the construction is completed.
According to the government schedule, construction of the infrastructure for the Smart Park will begin by first quarter next year. Estimation of the value of the infrastructure costs is around 2.3 billion baht.
Smart Park to generate revenue
Above all, the government believes the project will generate employment for 7,459 people. The Industrial Estate Authority of Thailand has approved the project. Approval from the Office of the National Economic and Social Development Council has also been granted. The National Environment Board also approved the report on the Environmental Impact Assessment of the project.
The government plans to make Smart Park the first high-tech industrial estate in Thailand to serve modern industries. Smart Park should help boost the domestic economy, contributing 52.9 billion baht to the country’s GDP. In addition, it will create 7,459 jobs. In conclusion, the government expects 1.3 billion baht in annual revenue generated by the Smart Park.
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