Thailand's Strategic Plan to Enhance Trade Relations with China
Thailand unveils a three-point initiative to boost trade with China beyond 4.2 trillion baht during the Harbin International Economic and Trade Fair.
Deputy Minister of Commerce Naphinthorn Srisanpang delivered a keynote address at the 34th Harbin International Economic and Trade Fair, where Thailand was honored as the Guest Country of Honour, coinciding with the 50th anniversary of diplomatic relations between Thailand and China.
In his address, Naphinthorn highlighted that the relationship between Thailand and China is grounded in significant historical, cultural, and societal links, evolving into a comprehensive strategic alliance that encompasses trade, investment, infrastructure, and deeper regional integration.
He pointed out that China has been Thailand’s largest trading partner for several consecutive years, with total trade exceeding 4.2 trillion baht in the previous year.
Major sectors in this trade relationship include agriculture, electronics, and infrastructure development.
Thai agricultural products, particularly durian, mangosteen, and longan, are in high demand in China, while Thai electronics have established a strong market presence.
Simultaneously, China serves as a crucial supplier of capital goods and raw materials essential for Thai industries.
The Deputy Minister emphasized the importance of regional cooperation through frameworks such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP), which serve as avenues for Thai businesses to penetrate Chinese markets and facilitate technology transfers and cross-border investments.
On the logistics front, he underscored the strategic significance of the China–Laos–Thailand high-speed railway, which enhances the efficiency of goods distribution to northern and northeastern China, including Heilongjiang Province.
For 2024, Thailand is expected to attract foreign investments across five critical industries: digital technology (including data centers and cloud services), electronics, automotive parts, agri-food processing, and petrochemicals.
Notably, Chinese enterprises have initiated over 810 investment projects in Thailand, reflecting a growing interest in technology-driven sectors.
Naphinthorn acknowledged Heilongjiang's considerable potential, despite its geographical distance from Thailand, remarking on Harbin’s familiarity to Thais due to its renowned Ice and Snow Festival.
The province leads in grain production within China and boasts an advanced agri-food sector, presenting opportunities for collaboration in high-value agriculture, digital economy, innovation, and sustainable technologies.
To strengthen ties with Heilongjiang, the Deputy Minister proposed a three-fold strategy:
1.
Enhancing policy dialogue between Thailand’s Ministry of Commerce and relevant Chinese trade agencies.
2.
Empowering Thai small and medium-sized enterprises (SMEs) and farmers to engage with the Chinese market by focusing on branding, standardization, and advanced agricultural technologies.
3.
Promoting sustainable trade platforms in line with the Bio-Circular-Green (BCG) Economy model, which aims to align economic growth with environmental responsibility.
He reiterated Thailand's commitment to being a close partner of China in fostering mutual prosperity in the context of the evolving global economic landscape.
He expressed his sentiments in Mandarin, stating: "Zhong Tai Yi Jia Qin" — "China and Thailand are one family" — and wished the trade fair continued success.
In his address, Naphinthorn highlighted that the relationship between Thailand and China is grounded in significant historical, cultural, and societal links, evolving into a comprehensive strategic alliance that encompasses trade, investment, infrastructure, and deeper regional integration.
He pointed out that China has been Thailand’s largest trading partner for several consecutive years, with total trade exceeding 4.2 trillion baht in the previous year.
Major sectors in this trade relationship include agriculture, electronics, and infrastructure development.
Thai agricultural products, particularly durian, mangosteen, and longan, are in high demand in China, while Thai electronics have established a strong market presence.
Simultaneously, China serves as a crucial supplier of capital goods and raw materials essential for Thai industries.
The Deputy Minister emphasized the importance of regional cooperation through frameworks such as the ASEAN-China Free Trade Area (ACFTA) and the Regional Comprehensive Economic Partnership (RCEP), which serve as avenues for Thai businesses to penetrate Chinese markets and facilitate technology transfers and cross-border investments.
On the logistics front, he underscored the strategic significance of the China–Laos–Thailand high-speed railway, which enhances the efficiency of goods distribution to northern and northeastern China, including Heilongjiang Province.
For 2024, Thailand is expected to attract foreign investments across five critical industries: digital technology (including data centers and cloud services), electronics, automotive parts, agri-food processing, and petrochemicals.
Notably, Chinese enterprises have initiated over 810 investment projects in Thailand, reflecting a growing interest in technology-driven sectors.
Naphinthorn acknowledged Heilongjiang's considerable potential, despite its geographical distance from Thailand, remarking on Harbin’s familiarity to Thais due to its renowned Ice and Snow Festival.
The province leads in grain production within China and boasts an advanced agri-food sector, presenting opportunities for collaboration in high-value agriculture, digital economy, innovation, and sustainable technologies.
To strengthen ties with Heilongjiang, the Deputy Minister proposed a three-fold strategy:
1.
Enhancing policy dialogue between Thailand’s Ministry of Commerce and relevant Chinese trade agencies.
2.
Empowering Thai small and medium-sized enterprises (SMEs) and farmers to engage with the Chinese market by focusing on branding, standardization, and advanced agricultural technologies.
3.
Promoting sustainable trade platforms in line with the Bio-Circular-Green (BCG) Economy model, which aims to align economic growth with environmental responsibility.
He reiterated Thailand's commitment to being a close partner of China in fostering mutual prosperity in the context of the evolving global economic landscape.
He expressed his sentiments in Mandarin, stating: "Zhong Tai Yi Jia Qin" — "China and Thailand are one family" — and wished the trade fair continued success.
