The government expects private investment to flourish next year, boosted by generous tax perks, non-tax privileges and friendly investment conditions.

Target foreign investors include Japan, China, Taiwan, France, and Germany.

Mr Suvit said the draft bills on special economic zone development and the Eastern Economic Corridor are pending the Council of the State’s vetting, and are expected to take effect next year.

The two acts will also attract private investment, as investors will be allowed to enjoy more privileges if they set up factories in the two zones.

BoI secretary-general Hiranya Suchinai said yesterday that investment applications fetched 500 billion baht in the first 11 months of 2016, allowing the agency to end the year with new investment worth 550 billion baht as targeted.

The BoI yesterday approved promotional privileges for six large-scale investment projects worth a combined 24.5 billion baht.

Those investment projects include China’s Jiangsu Xingda Steel Cord Co, which will invest 5.13 billion baht to set up a steel cord factory in Chon Buri.

This is the first overseas investment from the Chinese steel cord maker, which aims to use Thailand as a production springboard for Asian market and to supply Thai tyre producers with steel rod.