A delegation of over 10 representatives from Guangdong government and media kicked off a five-day trip to Thailand for the "Enhancing Thai-Guangdong Economic Cooperation In Support of IGNITE THAILAND Vision" Programme, with a mission of looking into updated policies towards foreign enterprises and empowering more Chinese brands to build presence in the country. The trip was organized by the Royal Thai Consulate-General in Guangzhou.
At the first stop of the trip, the delegation paid a visit to the Office of the Board of Investment (BOI) of Thailand, where representatives from the Royal Thai Consulate-General in Guangzhou summarized the latest economic cooperation between the two sides. "Guangdong Province now accounts for 25% of the total trade volume between China and Thailand," said by representative of the Royal Thai Consulate General in Guangzhou. It was pointed out Thailand's Eastern Economic Corridor (EEC) is now spearheading strong partnerships with China’s Greater Bay Area, especially in sectors like digital layout, new energy and technology.
According to a keynote speech delivered by Ms. Pannapat Tharanat, Professional Investment Promotion Officer at BOI, in the year of 2023 alone, China was the top source of Foreign Direct Investment (FDI) towards Thailand, registering a record of 159,387 million THB (31,687 million yuan). The top five industries include Machinery & Vehicles, Electrical & Electronics, Metal & Materials, Public Utilities and High Value Services.
In addition to a robust investment footprint by China, as Ms. Pannapat noted, a stronger influx of Chinese investors is expected in Thailand. “As it stands on the world map, Thailand is a major gateway to ASEAN and Asia, and with BOI, Thailand is laying out a bigger investment incentive scheme.”
For standard incentives, foreign enterprises can be offered CIT exemption with a duration of up to 13 years, on an activity-based evaluation. 9 industries are now categorized for standard incentives, including Electrical and Electronics, Chemicals and Petrochemicals, Industries, and Creative Industries.
“Thailand also provides investment promotion measures for targeted industries,” Ms. Pannapat elaborated. “Corporate costs like import duties on machinery, import duties on raw materials used in production for exports will also be exempted in high-tech industries.” Mr. Tanachart Lappanit, Senior Investment Promotion Officer, also made full introduction to Thailand’s Promotion Policies For Digital Industry & Smart City, in hope of attracting more companies from Guangdong Province.
Later on the trip, the delegation made their way to Huawei Customer Solution Innovation & Integration Experience Center in Bangkok. As a leading force of global digital transformation, Huawei shared valuable experience of localized 5G solution in Thailand. “For 25 years, Huawei has not only grown its business in Thailand locally, but also acted to give back to the community,” shared Mr. Edison Xu, Board Director of Huawei Technologies Thailand.
Reporter | Jersey, Eastbrook
Photo | Eastbrook
Revisor | Steven, James, Abby
