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Chinese EV investment in Thailand highly promising: Vikrom Kromadit

“More and more Chinese enterprises invested and set up factories in Thailand. The Thai-Chinese Rayong industrial zone is now home to more than 230 Chinese-invested companies with rapid growth every year,” said Vikrom Kromadit, Chairman of Amata Foundation and Chairman of Thailand-China Business Council at an interview with GDToday during the 20th China-ASEAN EXPO.

Vikrom’s Amata Group has invested in industrial parks in Thailand, Vietnam, Lao PDR and Myanmar, among which the Thai-Chinese Rayong industrial zone is one of the first Chinese overseas industrial sites and has created more than 50 thousand jobs for Thailand.

Kromadit highlighted the opportunities in the electric vehicle (EV) cooperation and believes Chinese EV companies will achieve mutual benefits and smooth operation in Thailand with its auto part manufacturing base and well-developed infrastructure such as the deep-sea port and airport.

As the major vehicle production and export base in Southeast Asia, Thailand has attracted growing numbers of Chinese electric vehicle manufacturers, according to the Eastern Economic Corridor (EEC), which covers three eastern provinces of Thailand including Rayong, Chonburi, and Chachoengsao.

According to the Automobile Society of Thailand, Chinese brands accounted for approximately 90 percent of Thailand's EV market in 2021. Chinese EV makers such as MG and Great Wall have set up their factories in the EEC. China's biggest EV manufacturer, the Shenzhen-based BYD, and EV startup Neta Auto are also setting foot in Thailand.

Kromadit considers the cooperation between China and ASEAN to have been successful over the past decade, with two-digit growth of total trade volume every year, even under the global economic challenges in recent years. As China and ASEAN countries have been facilitating regional connectivity through Belt and Road projects such as China-Laos Railway, he believes the convenient logistics service will continue to improve regional cooperation.

Reported by Jasmine, Axin

Edited by Wing, James

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