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China Trade with Thailand: A Growing Economic Partnership
In 2023, China became Thailand's largest foreign investor, boosting bilateral trade and deepening economic ties through initiatives like BRI.
In 2023, China became Thailand’s largest foreign investor, reflecting deepening economic ties through increased trade, investment, and travel. Strategic initiatives like BRI and RCEP bolster this partnership.
China Becomes Thailand’s Largest Investor in 2023
In 2023, China emerged as Thailand’s largest foreign investor, underscoring rising economic ties. This development highlights China’s substantial economic role in Thailand, reinforcing Thailand’s strategic position as a crucial manufacturing and investment hub in Asia. Notably, bilateral trade reached a remarkable US$126.3 billion. For the 11th consecutive year, China continued to be both Thailand’s largest trading partner and investor, showcasing a consistent and deep relationship.
Strategic Initiatives Propel Economic Growth
The partnership is propelled by significant initiatives like the Regional Comprehensive Economic Partnership (RCEP) and the Belt and Road Initiative (BRI). These efforts drive growth and collaboration in vital sectors. The BRI has notably diversified trade routes, accelerating Thai goods to China. For example, the China-Laos Railway, a prominent BRI project, halved the transport time for Thai durians to Chongqing to just four days.
Enhancing China-Thailand Connectivity
Starting in March 2024, visa-free travel between China and Thailand will facilitate closer ties. This initiative coincides with the 50th anniversary of diplomatic relations, celebrated by Sanan Angubolkul, chairman of the Thai Chamber of Commerce. The ease of travel fosters people-to-people exchanges and mutual understanding, strengthening bilateral relations. This agreement has already catalyzed a rise in travel interest, evidenced by a 200 percent increase in searches for “Bangkok” on Chinese travel platforms.
| This article was first published by ASEAN Briefing , which is produced by Dezan Shira & Associates. The firm assists foreign investors throughout Asia from offices across the world, including in in China, Hong Kong, Vietnam, Singapore, and India . Readers may write to [email protected] for more support. |
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