Shanghai solidifies business cooperation with Thailand

The Chinese metropolis of Shanghai has deepened its cooperation with partners in Thailand, signing several projects and memoranda of understanding on May 2to boost bilateral trade and investment.

At a conference introducing Shanghai to Thai investors in Bangkok, contracts for eight major projects were inked, covering a wide range of industries, including electronic vehicles, finance, jewelry, the digital economy and technology.

Six MOUs were also signed for further cooperation on medical care, technology and innovation, as well as financial services.

Shanghai mayor and deputy Party chief Gong Zheng, Chinese ambassador Han Zhiqiang, secretary-general of Thailand's Board of Investment Narit Therdsteerasukdi as well as entrepreneurs from the two countries participated.

Shanghai and Thailand have enjoyed trade ties for many years, as Shanghai was the foothold of Charoen Pokphand Group – Thailand's most well-known enterprise and the first overseas company to invest in the Chinese mainland after the start of the reform and opening-up policy in 1978.

"Shanghai is not only China's most thriving economic center, but also one of the world's leading financial centers. We will better play our role to connect the world and bridge traders worldwide," Gong said.

He also announced Shanghai will hold the sixth China International Import Expo in November, the first in-person session since the COVID-19 pandemic. "We welcome enterprises from all over the world and will accelerate our efforts to build the city a model of innovative and high quality development," Gong said.

Despite the pandemic, Chinese investment in Thailand has seen stable growth over the past three years, with an average of about 120 projects signed every year according to the BOI.

So far this year, investment from China to Thailand has reached 5 billion yuan ($723 million), mainly focused on clean energy and the digital economy, according to Therdsteerasukdi.

"Under the Belt and Road Initiative, China and Thailand will see deeper cooperation and closer ties. Now we have set up three branch offices in the Chinese mainland and hope to further encourage two-way investment," he said.