“We want Thailand to be a key investment destination for Chinese investors. The Thai government will come up with projects to facilitate investment and trade,” said Industry Minister Akanat Promphan, reports the Bangkok Post.
Mr Akanat was speaking at a ceremony to sign a memorandum of understanding (MoU) on Two Countries, Twin Parks between the IEAT and the Anhui Provincial Department of Commerce.
He said the MoU is expected to lure more Chinese entrepreneurs embarking on investment projects in Thai industrial parks.
The number of Chinese investors is increasing, especially in the electric vehicle (EV) industry, as a result of the Thai government’s policy to make the country a regional EV production hub.
Under the “30@30” policy, Thailand expects EVs to represent at least 30% of total auto production by 2030, with 725,000 zero-emission cars, 675,000 electric motorcycles and 34,000 electric buses and trucks.
Chinese EV makers have already started assembling electric cars here, including BYD and Great Wall Motor.
Other industries drawing interest from Chinese investors include R&D in renewable energy and food.
‘Two Countries, Twin Parks’ is part of Beijing’s Belt and Road Initiative (BRI), said Sumet Thangprasert, acting governor of the IEAT.
Initiated by the Xi Jinping government, the BRI is meant to link China’s economy with Southeast Asia, Africa and Eurasia by developing land and maritime infrastructure.
Thailand operates a train from Bangkok to Vientiane, where a high-speed railway links the Lao capital with Kunming in China’s southwestern Yunnan province.
“We are confident ‘Two Countries, Twin Parks’ will bring more Chinese investors to Thailand,” said Mr Sumet.
According to the Board of Investment, China ranked second in terms of investment applications in Thailand, valued at B114 billion, following Singapore with investment of B181bn during the first nine months of this year.