Chinese corporations eye investment in Thai green economy

Chinese corporations have expressed their intent to invest in Thailand’s green economy and development projects, renewable energy, electric vehicles (EVs), and transportation infrastructure, according to Prime Minister Srettha Thavisin.

The Chinese investment announcement came after discussions between PM Srettha and Chinese business executives at the 3rd Belt and Road Forum for International Cooperation (BRF) in Beijing.

The 61 year old Thai PM met Zhu Hexin, the chairman of Citic Group Corporation. Citic, a conglomerate with interests spanning financial services, investment banking, asset management, manufacturing, energy contracting, and infrastructure, has previously invested in Thailand and has shown keen interest in clean energy initiatives.

PM Srettha also highlighted Citic Dicastal, a Citic Group subsidiary and a world leader in aluminium alloy wheels production for the automotive industry.

The Thai prime minister invited the company to establish a factory in Thailand, pointing out the growing opportunity as four Chinese EV manufacturers have already set up plants in the country, with two more on the way.

Government spokesperson Chai Wacharonke emphasised Citic’s credentials, citing its place in Fortune’s Global 500 firms for 15 consecutive years since 2009, and its current rank at 100. Chai also mentioned Citic’s interest in public-private partnership (PPP) mega projects.

The Thai PM extended an invitation to Citic to co-invest in Thailand’s five strategic industries, including BCG, automotive, electronics, digital and innovative industries. He further encouraged the company to establish its regional headquarters in Thailand as part of a plan to push Thailand’s new economies.

The Thai prime minister also met with CRRC Group executives, a company specialising in locomotive and rolling stock design, manufacturing, and maintenance.

The Bangkok-born prime minister suggested the company set up a factory in Thailand to facilitate global exports. He highlighted the recent cabinet-approved southern land bridge project, connecting Chumphon on the eastern coast along the Gulf of Thailand to Ranong along the Andaman Sea, as a potential logistics link for shipping to India, the Middle East, and Africa.

In addition, PM Srettha invited Xiaomi, the Chinese smartphone and consumer electronics manufacturer, to establish a production base in Thailand. He also held discussions with Alibaba International Digital Commerce Group executives, encouraging them to promote more products from Thai small and medium-sized entrepreneurs on their online retail platform, Lazada.

The Thai prime minister concluded by saying that the discussions were productive and that the companies were excited to expand their business in Thailand, buoyed by the offer of tax incentives reported Bangkok Post.

Follow more of The Thaiger’s latest stories on our new Facebook page HERE.