18-10-2023 (BEIJING) Prime Minister Srettha Thavisin has held productive discussions with Chinese business leaders during his participation in the 3rd Belt and Road Forum for International Cooperation (BRF) in Beijing. He conveyed that Chinese companies are keen to explore investments in bio-circular and green (BCG) economic development projects, renewable energy, electric vehicles (EV), and transport infrastructure initiatives. This collaboration signals the potential for increased cooperation between Thailand and China in sectors with substantial growth prospects.
One of the prominent figures Mr. Srettha engaged with during the forum was Zhu Hexin, the chairman of Citic Group Corporation. Citic Group is renowned for its diverse business operations spanning financial services, commercial banking, investment banking, asset management, resources and energy, manufacturing, real estate, energy contracting, and infrastructure. Notably, Citic Group has previously invested in Thailand, and the prime minister highlighted a shared interest in clean energy between the company and Thailand.
An affiliate of Citic Group, Citic Dicastal, is the world’s largest producer of aluminium alloy wheels for the automotive industry. Mr. Srettha extended an invitation for Citic to establish a factory for the production of alloy wheels in Thailand. With four Chinese EV manufacturers already operating plants in Thailand and two more planning to do so, Citic can anticipate a stable market for its products in the country.
Government spokesman Chai Wacharonke added that Citic has maintained a consistent presence among Fortune’s Global 500 firms for 15 consecutive years since 2009, ranking 100th in the latest report. The company has also expressed interest in engaging in megaprojects under public-private partnership (PPP) arrangements.
In his interactions with Citic, Prime Minister Srettha encouraged the company to co-invest in Thailand’s five strategic industries, covering BCG (encompassing agriculture, food, medicine, and clean energy), the automotive sector, electronics, digital and innovative industries. Additionally, he invited Citic to consider establishing its regional headquarters in Thailand, aligning with the nation’s goal of advancing its new economy initiatives.
During the forum, Mr. Srettha also met with executives from CRRC Group, a company specializing in locomotive and rolling stock design, manufacturing, and maintenance. The firm is currently a supplier of locomotives to Thailand and is exploring opportunities for building a factory to produce electric rails and locomotives within the country. If realized, Thailand would serve as a significant export platform for CRRC Group.
The prime minister informed CRRC Group about his cabinet’s approval for the continuation of the southern land bridge project connecting Chumphon to Ranong. This initiative would establish a logistics route for shipping to India, the Middle East, and Africa, generating substantial interest from CRRC Group.
Furthermore, Mr. Srettha held discussions with executives from Xiaomi, a prominent Chinese manufacturer of smartphones and consumer electronics. He invited Xiaomi to consider establishing a production base in Thailand to enhance its presence in the country.
The prime minister also engaged with executives from Alibaba International Digital Commerce Group and encouraged the promotion of products created by Thai small and medium-sized entrepreneurs on its online retail platform, Lazada. These discussions were deemed successful, with the Thai government offering tax incentives to encourage further investment.
