The EEC: Showcase of China-Japan Third Country Business Cooperation
Prime Minister Shinzo Abe of Japan was on an official visit to the People’s Republic of China for the first time in seven years during 25 to 27 October 2018. The primary purpose of the visit was warming ties between China and Japan. Furthermore, to discuss on third country business cooperation, among other bilateral relation issues.
The Eastern Economic Corridor Office of Thailand (EECO) was invited to participate in the
China-Japan Forum on Third Country Business Cooperation. The forum attracted over 1,600 participants from both Chinese and Japanese senior government officials, leading financial institutes and investors, held at the Great Hall of the People, Beijing on 26 October 2018.
The forum was organized under the memorandum of understanding (MoU) on Japan-China private economic cooperation in third country signed between Japan and China on 9 May 2018 in Tokyo. The MoU stated that both countries will establish a committee to promote the development of Japan-China private business activities to third countries under the framework of the Japan-China High-Level Economic Talk. Both countries will together explore the market and industrial field, where there is a good possibility of third country cooperation by Japanese and Chinese private companies.
Over 50 MoUs were signed during the forum on 26 October 2018. The MoU signing ceremony was presided by premiers of both nations. Noteworthy was an MoU on financial supports for Japanese and Chinese companies in their business cooperation in third country, between ICBC Bank of China and Mizuho Bank of Japan. The MoU identified EEC as an important investment destination for Japan-China business cooperation in third country.
Dr. Kanit Sangsubhan, Secretary-General of EECO, presented at the forum topic on “Regional Development - EEC Industrial Zone and Smart Cities.” Dr. Sangsubhan updated that infrastructure projects in the EEC has progressed significantly since the EEC Act was published in the Royal Gazette in May 2018. Winners of all infrastructure projects in the EEC are to be awarded by February 2019.
Dr. Sangsubhan further mentioned that, the Eastern Seaboard of Thailand has been a well-known investment destination for both Japanese and Chinese investors for the past 30 years. Recently,
the EEC welcomed over 500 Japanese investors in September 2017 and over 500 Chinese investors in August 2018, where they observed project implementations in the EEC. The presentation was well-received by forum participants, which marked the importance of Thailand, in particular the EEC, as a favorable “Third Country” destination.