Thailand is aiming to connect China’s Belt and Road Initiative (BRI) in order to accelerate more investment and trade opportunities in Asia, particularly ASEAN and ACMECS. In the Thailand-China Business Forum 2018, there were almost 1,000 participants from both the countries. Also, the forum was held by the Board of Investment, Thailand to support 6th Thailand-China Joint Cooperation Committee meeting in Thailand.
Dr. Somkid, Thailand’s Deputy Prime Minister said the audience in the forum that it was the first time when major Chinese entrepreneurs and high-level Chinese executives have joined the mission to seek investment opportunities in Thailand. In fact, the number of Chinese entrepreneurs was more than 400 persons.
Additionally, he mentioned that the Chinese investment patterns are changing because of the shifting global economic landscape. Besides, many Asian countries have begun to cooperate more closely through development of logistical and transport projects.
Coming to China’s Belt and Road Initiative (BRI), it has become a primary driver of economic development in this region as it is linking China with other different countries across Asia. In this regard, ASEAN countries have come up as an important part of BRI’s development roadmap. Apart from Thailand’s strategic location, its long-standing trade and economic cooperation with the countries is assisting them to increase competitive advantages, presenting massive opportunities to the Chinese investors.
So, what does this Belt and Road Initiative consist of?
It consists of the Maritime Silk Road (MSR) and the Silk Road Economic Belt (SREB), focusing on 5 major areas for improving connectivity, including unimpeded trade, people-to-people ties, infrastructure construction, policy coordination, and financial integration. Among these, infrastructure construction is the prevalent feature of the New Silk Road.
The countries and areas involved have almost two-thirds of the world’s population while accounting for one-third of the world’s wealth:
- Europe: Albania, Armenia, Azerbaijan, Belarus, Bosnia and Herzegovina, Bulgaria, Croatia, Czech Republic, Estonia, Georgia, Hungary, Latvia, Lithuania, Macedonia, Moldova, Montenegro, Poland, Romania, Russia, Serbia, Slovakia, Slovenia, Turkey, Ukraine
- Southeast Asia: Brunei, Cambodia, Indonesia, Laos, Malaysia, Myanmar, Philippines, Singapore, Thailand, Timor-Leste, Vietnam
- Central Asia: Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan
- East Asia: China, Mongolia
- The Middle East and North Africa: Bahrain, Egypt, Iran, Iraq, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Palestine, Syria, United Arab Emirates, Yemen
- South Asia: Afghanistan, Bangladesh, Bhutan, India, Maldives, Nepal, Pakistan, Sri Lanka
As an important part of this mission, the Thai government sees the transformation of the country as the top priority and this is why it seeks a supportive business environment for investors.
