EXIM Thailand and China EXIM Join Forces to Promote Thai-Chinese Bilateral Trade and Investment as well as Expansion of Thai-Sino Business to Third Countries

Monday 22 May 2017 11:03
Mr. Pisit Serewiwattana, President of Export-Import Bank of Thailand (EXIM Thailand), and Mr. Liu Liange, Vice Chairman and President of Export-Import Bank of China (China EXIM), signed an agreement on bilateral credit facility framework under which EXIM Thailand will provide financial facilities equivalent to 300 million US dollars to China EXIM and will be granted 500 million US dollars from China EXIM for their cooperation in sub-loans, guarantees, funds, trade financing, cross-border investment, etc. The agreement aimed to promote Thai-Sino bilateral trade, investment and business expansion to third countries. Witnessed by Mr. Piriya Khempon, Thai Ambassador to China, the signing ceremony was recently held at China EXIM's Office in Beijing, the People's Republic of China.

This cooperation is under the China's one belt, one road initiative to promote infrastructure linkage and connection, bringing about significant improvement in economic outlook and cooperation between China, ASEAN and the whole region. China is Thailand's second largest export market, after the US. In 2016, the value of Thai exports to China was over 23,810 million US dollars, increasing slightly by 0.3% from the previous year. (In 2015, Thai exports to China amounted to 23,742 million US dollars) as China is undergoing economic reform to achieve long-run stability. Major Thai exports to China in 2016 included plastic pallets (10.24%), rubber (8.79%), tapioca products (7.50%), computer, parts and accessories (6.83%) and chemical products (5.94%).

"This cooperation will significantly promote the export of goods and services from Thailand to China, Thai investment in China and vice versa. It will also enhance Thai-Sino business cooperation in trade and investment in foreign countries for economic and social benefits of both Thailand and China as well as the Asian region as a whole," said Mr. Pisit.