Thailand officials at the airport rail signing ceremony, October 24, 2019. (Photo: People’s Daily)

BANGKOK (People’s Daily) – Thailand Prime Minister Prayut Chan-o-cha presided over a signing ceremony Thursday for the Public Private Partnership (PPP) that will link three airports with one rail inside Santi Maitree at the Government House of Thailand.

"It is a historic moment in Thailand that the private sector signed the PPP Agreement with the public sector to promote this international mega construction project. I would like to thank all strategic alliances both domestically and internationally said CP Group CEO Supachai Chearavanont

Also in attendance was Voravuth Mala with the State Railway of Thailand (SR) and vice-governor of the Property Management Group and Acting Governor of the SRT, and Eastern High-Speed Rail.

Signing ceremony in Thailand on October 24, 2019. (Photo: People’s Daily)

Mala said the agreement is another important step in Thailand's infrastructure development under the supervision of the EEC Policy Committee. With a projected budget of 224,544 million baht, the PPP transportation endeavor marks the first time the Royal Thai Government has developed a high-speed rail country.

The rail will begin at Don Mueang Airpor and connect Bang Sue Grand Station. From there, it will travel through Makkasan Station to Suvarnabhumi Airport. Afterward, it will head eastward along the Bang Pakong River providing service to Chachoengsao, Chon Buri, Si Racha and Pattaya stations and end at U-Tapao Airport.

Slated to open in 2023, the rail will stretch 220 kilometers and travel at a maximum speed of 250 kilometers per hour.

The project is a joint venture with China Railway Construction from the People's Republic of China, Bangkok Expressway and Metro Plc., Italian-Thai Development PCL, and CH Karnchang PCL.

Thailand Prime Minister Prayut Chan-o-cha speaks with reporters after the signing ceremony, October 24, 2019. (Photo: People’s Daily)

As a vital economic booster, analysts expect to see annual financial yields close to 650,000 million baht. The project will employ 16,000 and another 100,000 in related business in the next five years.

Executives from the Japan Bank for International Cooperation (JBIC) and China Development Bank (CDB) attended the ceremony. And foreign ambassadors including China’s H.E. Lyu Jian, Japan’s H.E. Shiro Sadoshima, and Italy’s Lorenzo Galanti.