In the first seven months of 2016, Chinese investments in Thailand have been marked by steady growth. According to officials, the value of projects submitted for tax privileges in the past months has reached up to 21 billion baht, making China the second country to invest in Thailand, after Japan, which applied for Board of Investment privileges for projects worth Bt27 billion during the same period.
“Chinese enterprises are attracted to the policy to promote 10 target industries and the Eastern Economic Corridor,” said Industry Minister Atchaka Sibunruang on Thursday, after a meeting with Cong Sufeng, vice chairman of the China Council for the Promotion of International Trade in Jiangsu, a northern province in China.
In the past years, almost 90 investors from Jiangsu have established offices in Thailand, with 37 of them having applied for privileges for projects valued around 600 million US dollars. Top industries targeted by investors are those referring to automotive and auto parts, petrochemicals, smart electronics, agriculture and biotechnology, tourism, medical, digital, robotics, aviation, and textiles.
Thai officials’ efforts won’t focus only in Jiangsu, but in other Chinese provinces too. Watcharee Tintani, an official with the Royal Thai Consulate-General in Shanghai, said they aimed to attract at least 25 billion baht worth of investment from Shanghai to Thailand this year. The target isn’t impossible to achieve, said Ms. Tintani, as Chinese companies in locomotive and train-carriage manufacturing were exploring investment opportunities in Thailand.
Also to help promote investment from China, the Siam Commercial Bank announced a 5 billion baht bridge-loan scheme for Chinese companies’ land purchases in Thailand.