The Chinese-Japanese Economic Platform to be Set Up in Thailand
Thailand becomes a new ground for the proposed Chinese-Japanese economic platform as both the countries try to explore investment in ASEAN.
May 9, 2018, China and Japan formed a consortium to work together, setting up an economic platform in ASEAN that would be aimed towards the development of the regional economy.
Thailand becomes the first ASEAN country where the platform is to be carried out.
Thailand’s Eastern Economic Corridor (EEC) consisting of the three provinces of Thailand- Chonburi, Rayong, and Chachoengsao – off the coast of the Gulf of Thailand and a total of 13,285 square kilometers will mainly receive investments from China and Japan said the Industry Minister Uttama Savanayana. China and Japan are the world’s second and third leading economies.
Thailand’s top ten industries, EEC infrastructures, and railways linking three of the country’s domestic airports are the most preferred areas for the Chinese and Japanese investors, reported Mr. Uttama.
Ways to accelerate business cooperation between China and Japan are being sought upon by the secretary-general of the EEC Office, Mr. Kanit Sangsubhan, and the first stage is expected to complete by the next two months. Once done with this, the 2018 EEC Act will be implemented in the month of May.
Three countries are looking to uplift and improve the present economic and financial conditions of Thailand along with growth in private investments in the area.
To further improve and promote mutual cooperation in the service sector, Japan and China will establish a service trade cooperation mechanism.
A joint committee, working on this cooperation will be set up by the investors from three countries which will boost up the economy both locally and regionally, Mr. Kanit further stated.
The EEC scheme is expected to increase the economic activity of Thailand, generating US$43 billion (1.38 trillion baht) during 2018-23. Road shows in Japan, South Korea, China, and Europe will be held too for promotional purpose.
Ning Jizhe, vice-chairman of China’s National Development and Reform Commission stated that the healthy relationship between Thailand and China has attracted a lot of Chinese tourists to Thailand in the past few years. Thailand also is a significant ASEAN country with the bests of flourishing prospects for the Chinese investors, he further stated.
The EEC scheme which is supposed to enhance Thailand’s industrial sector will also integrate China’s One Belt One Road initiative to increase trade and investments in the coming years, explained Mr. Jizhe.
Japan, who has set up base in Thailand for the last 30 years with over 5,000 Japanese companies, wants to further invest in the country, reported the Japanese ambassador, Shiro Sadoshima.
Japanese investors are interested to invest in more of Thailand’s sector, but the ten targeted industries and local infrastructure megaprojects interest them the most.
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