Leam Chabang port in Chon Buri is a key port for the export of Thai products worldwide. (Bangkok Post file photo)

The cabinet yesterday approved the Eastern Economic Corridor (EEC), spanning three eastern provinces, with hopes that it will form a new engine to drive economic growth.

The corridor through Chon Buri, Rayong and Chachoengsao has been designated for development as a high-tech industry cluster, with an eye towards becoming Asean's leading economic zone for industrial, infrastructure and urban development.

The project is meant to accommodate the 10 targeted industries being promoted as clusters by the government.

Approved by the cabinet last November, the 10 industries are 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.

The EEC will also rely on developments in transport infrastructure, including air, land, rail and water links, to cut logistics costs.

Prime Minister Prayut Chan-o-cha yesterday assigned Deputy Prime Minister Somkid Jatusripitak to work with related ministries to conduct a detailed study of the project, including city planning, the growth of green industries and the benefits locals will receive from the developments.

The study should be finished within the next three months.

Porametee Vimolsiri, secretary-general for the National Economic and Social Development Board, said to support the EEC's development, the cabinet approved yesterday in principle a minimum of 300 billion baht in state funds, with the first phase focusing mainly on Map Ta Phut, Rayong and Laem Chabang, Chon Buri, covering a combined 30,000 rai.

The EEC is also set to become an Asean water transport hub, linking the Dawei deep-sea port in Myanmar with Sihanoukville in Cambodia and Vung Tau port in Vietnam.

Mr Porametee said the government also needs to expand other infrastructure projects, such as the Chuk Samet deep-sea port in Chon Buri, U-tapao airport in Rayong, and the Map Ta Phut deep-sea port, as well as several land transport networks.

Kanit Sangsuphan, head of the Finance Ministry's working group to enhance private investment, said on Monday the government expects 1.5 trillion baht worth of private investment to pour into the EEC over the next five years.