The Thai government together with the public and private sectors welcomed delegations of more than 570 high-ranking Japanese investors along with government officials in Thailand. It seems both the parties made a historic move to enhance economic relationship by jointly exploring the trade and investment opportunities on “Thailand 4.0 towards Connected Industries” and visiting the EEC (Eastern Economic Corridor). In fact, Memorandum of Understandings (MOUs) were signed to promote trade and investment and human resource development, including:
- “Cooperation in driving industrial sector development between Keidanren, the Japan Chamber of Commerce and Industry, the Federation of Thai Industries and the Board of Trade of Thailand;
- Cooperation in promoting EEC development between the EEC Office, JICA and Hitachi;
- “Flex Campus” – Cooperation in human resource development to support Industry 4.0. Japan will share knowledge in engineering and vocational education through the MOUs between Thailand’s Department of Industrial Promotion and the Embassy of Japan in Thailand;
- Cooperation between Thailand’s Ministry of Industry and SMRJ of Japan to improve Thailand’s SME support and assistance bodies;
- Trade cooperation between Thailand’s Department of International Trade and JETRO;”
Dr. Somkid Jatusripitak, the Deputy Prime Minister, the Japanese mission shown strong interest in the new Thailand 4.0 policy, the 10 targeted industries, especially the industries driven by future technology, and the Eastern Economic Corridor.
The Prime Minister Visit
Japan’s Minister of Economic, Trade and Investment and the Japanese delegates got the opportunity to visit Thailand’s Prime Minister, General Prayuth Chan-ocha at the Government House. During the visit, the Prime Minister had shared model and strategy in driving the economic growth through the development of Eastern Economic Corridor with the Japanese mission Thailand 4.0 economic and had advocated for both the countries’ collaboration when it comes to turning the region into a business hub.
Japanese Business Presence Going Super Strong
Apparently, the rapport between Thailand and Japan in the past 130 years has managed to bring in a huge economic and political development along with trade cooperation, investment activities, tourism, and industrial development. And rightly, Japan remained the biggest investor in Thailand, accounting for almost 40% of the total foreign investment. In fact, after China, Japan is the most important trade partner.
In 2017, Japan has been the biggest investor applying for several promotional incentives via the Board of Investment (BOI), representing almost 55% of the total foreign investment applications. It is in the first quarter when Japanese investors had made application for so many large-scale projects, like 19.54 billion-baht hybrid vehicle production, chemical product manufacturing, and 15.18 billion baht special polymer. Similarly, 1,748 companies are members of the Japanese Chamber of Commerce, Bangkok, which is again a strong evidence of the relations between Thailand and Japan.
