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Alibaba B11bn investment promises quick results, says Prayut

BANGKOK: Alibaba Group has promised to produce results of mutual benefit from its investment in Thailand by the end of next year, and to help poor farmers, Prime Minister Gen Prayut Chan-o-cha said after meeting with executive chairman Jack Ma today (April 19).

economics
Agency: Bangkok Post

Thursday 19 April 2018, 05:55PM


Alibaba Group executive chairman Jack Ma, left, stresses a point while talking to Prime Minister Prayut Chan-o-cha at Government House on Thursday. Photo: Government House

Alibaba Group executive chairman Jack Ma, left, stresses a point while talking to Prime Minister Prayut Chan-o-cha at Government House on Thursday. Photo: Government House

The two men met at Government House this morning, before the Alibaba Group signed four memorandums of understanding for planned investment in the country.

“The talks form an agreement and a promise that within 2019 mutual interests will be realised,” the prime minister said.

“Not only will we sell products with them, but also our systems and people will be developed. This will happen simultaneously over the long term,” Gen Prayut added.

Alibaba Group would invest in a Smart City and a Smart Digital Hub in the Eastern Economic Corridor.

He had asked that it also support small farmers and community businesses and cooperatives, and help solve problems of trade in Thai rice, palm products and natural rubber, the prime minister said.

Alibaba would sell quality Thai rice on its website. The amount had still to be discussed.

QSI International School Phuket

The prime minister quoted Mr Ma as saying that Alibaba Group would help poor people and small farmers in Thailand and other Southeast Asian nations. It did not focus just on economic benefits, because it had enough of those already.

Alibaba Group intended to enhance the competitiveness of low-income earners and small farmers through online business, Gen Prayut said.

The internet retail giant is reportedly proposing investments worth about 11 billion baht in Thailand.

 

Read original story here.

 

 

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Jor12 | 20 April 2018 - 18:00:07

If you bother to read the article and use your brain which I know can be difficult, it states, "...Alibaba Group intended to enhance the competitiveness of low-income earners and small farmers through online business."

Kurt | 20 April 2018 - 09:43:14

Promise results by end of 2019? Who believes that promise?
Why any result showing will take 20 months?
By than you not hear anymore of this.
Who than lives, than cares, in Thailand. 
Helping poor farmers is the responsibility of the Generals Government, now!
No wonder that so many red shirts remain red shirts.

Capt B | 20 April 2018 - 09:28:58

All seafood imports to Thailand through Alibaba's Commo China should be prohibited. Under The United Nations Convention on the Law of The Sea, each country has a 200 NM Fishing Zone & Exclusive Economic Zone, however, Chinese Flagged Fishing Vessels ignore the existence of these EEZs, just ask President Duterte, President Widodo & President Donald Trump.EU FISHING COMPLIANCE ?

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