“We are really interested in this project. CP Group should finalise the decision over the next few months,” said chairman and chief executive officer Dhanin Chearavanont.CP Group was invited by Prime Minister Prayut Chan-o-cha to build it, since there were no financial conditions.

Dhanin said the group would shift its investment to the “digital economy” to cash in on the global trend.

High-tech businesses such as high-speed rail are being pushed by the government, he said. Biotechnology, medical equipment, and food and medicine for the elderly are targets.

The success of a high-speed rail system requires the building of towns or high-tech communities, he said. If urban areas such as Pattaya, Rayong and a proposed township in Chachoengsao are developed, commuters could easily travel to work in Bangkok within one hour.

“If new towns are developed, new high-tech industries like good hospitals, good universities and high-profile people will move into the areas,” Dhanin said.

The government has also reportedly invited Charoen Sirivadhanabhakdi, another tycoon, to build another high-speed-rail spoke, from Bangkok to Hua Hin.

CP Group has started working with Harvard University to develop biotech products, with DuPont to develop high-tech food, with Massachusetts Institute of Technology to develop robots, and with the Science and Technology Ministry to develop biotechnology in the local market.

The efforts are aimed at developing quality food and health products, and supply them to three consumer groups – general people, the elderly and patients.

The group plans to produce its own medicine especially for the elderly in the home market. It has been producing medicine in China for years and achieved a large market share.

The service industry and high-tech products will become very important in the future, so manufacturers will have to produce and supply higher-technology products, Dhanin said. The digital economy then will employ quality local staff and import labour for some jobs.

The global economy is facing uncertainty but it is a good time for the country to turn this crisis into opportunity by shifting up to high-tech industry, he said. Huawei has said it will set up a research and development centre in Bangkok to help get Thai small and medium-sized enterprises into such industries.

Tsinghau Tsinghua University has said it will help develop high-tech industry and management here.

Thailand needs to keep big investors, particularly from Japan, producing in Thailand, Dhanin said.

“With the best strategic location, close to China, Thailand only needs to improve infrastructure and the stability of policies for long-term growth.

“However, we still and always consider Vietnam, Indonesia and the Philippines as our competitors,” he added.