Chinese take Thailand by storm

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China is increasingly projecting its economic influence on Thailand, with more and more firms engaging to craft a perceptible presence and rafts of tourists seeking out the tropical country’s renowned resorts.

China has become the largest source of visitors to Thailand’s southern touristic hotspot Phuket, data from Thailand’s travel bureau shows, while the populous giant to the north is accounted for the second highest amount of foreign direct investment in 2011, according to the latest statistics from the Board of Investment of Thailand (BOI).

On a trip to China last month, Prime Minister Yingluck Shinawatra and local leaders announced that they will engage in a mutual push towards achieving bilateral trade worth $120 billion within five years, doubling last years total, Commerce Minister Boonsong Teriyapirom was reported as saying in the Bangkok Post.

Among the key items in the agenda discussed between the leaders was an economic initiative to promote cooperation in the trade, agriculture, production, infrastructure and tourism sectors.

The vast majority of Chinese investment in made in the manufacturing sector, according the BOI, but Thailand would like to see more concentration given to value-added industries, such as renewable energy.

The BOI has offered a number of incentives for foreign investors, including the exemption from corporate tax for a maximum of eight years with a 50 per cent reduction for the following five years.

By many estimates, China’s influence is expected to expand in Southeast Asia exponentially over the coming years, with trade volume forecast to reach $500 billion with ASEAN countries by 2015, up from $316 billion at current levels.

 

 

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Reading Time: 1 minute

Click to enlarge

China is increasingly projecting its economic influence on Thailand, with more and more firms engaging to craft a perceptible presence and rafts of tourists seeking out the tropical country’s renowned resorts.

Reading Time: 1 minute

Click to enlarge

China is increasingly projecting its economic influence on Thailand, with more and more firms engaging to craft a perceptible presence and rafts of tourists seeking out the tropical country’s renowned resorts.

China has become the largest source of visitors to Thailand’s southern touristic hotspot Phuket, data from Thailand’s travel bureau shows, while the populous giant to the north is accounted for the second highest amount of foreign direct investment in 2011, according to the latest statistics from the Board of Investment of Thailand (BOI).

On a trip to China last month, Prime Minister Yingluck Shinawatra and local leaders announced that they will engage in a mutual push towards achieving bilateral trade worth $120 billion within five years, doubling last years total, Commerce Minister Boonsong Teriyapirom was reported as saying in the Bangkok Post.

Among the key items in the agenda discussed between the leaders was an economic initiative to promote cooperation in the trade, agriculture, production, infrastructure and tourism sectors.

The vast majority of Chinese investment in made in the manufacturing sector, according the BOI, but Thailand would like to see more concentration given to value-added industries, such as renewable energy.

The BOI has offered a number of incentives for foreign investors, including the exemption from corporate tax for a maximum of eight years with a 50 per cent reduction for the following five years.

By many estimates, China’s influence is expected to expand in Southeast Asia exponentially over the coming years, with trade volume forecast to reach $500 billion with ASEAN countries by 2015, up from $316 billion at current levels.

 

 

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