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Thailand became China's tire industry chain investment hot spot
2024-01-29

Thailand's Prime Minister Saita - he said, China and Thailand will start from March 1, permanent mutual visa exemption for each other's citizens. This is the embodiment of the deepening of relations and cooperation between China and Thailand, for China's tire industry, the policy is "timely rain", will greatly improve China's tire factory in Thailand and the mainland's accessibility.

In the increasing trade friction, foreign trade market accounted for more and more, the market competition under the background of the escalation of contradictions, domestic tires layout overseas has become an inevitable trend. Due to the superior geographic location, manpower conditions, government preferential policies and other factors, Thailand has many advantages and potential in the process of attracting Chinese investment, in recent years, more and more Chinese tire companies choose to build factories in Thailand.

Currently, many Chinese and foreign investors have turned their attention to the ASEAN region, seeking to expand their investment in the region. In this trend, Thailand has caught up and taken a series of measures to attract foreign investment and has successfully become one of the beneficiaries of China's industrial transfer. China has been Thailand's largest trading partner for many consecutive years. in 2022, China-Thailand trade amounted to US$135 billion, a 3% year-on-year increase. in 2022, China once again became the largest source of foreign investment in Thailand.

Chinese tire companies to invest in Thailand, the park has become an important gathering place. Over the past 10 years since the initiative of "One Belt, One Road" was put forward, the industrial park has entered a period of rapid development, and has attracted nearly 250 Chinese enterprises, covering new energy, new materials and other fields, with a cumulative industrial output value of more than 30 billion U.S. dollars. The Industrial Estate Authority of Thailand (IEAT) operates 68 industrial zones and one industrial port throughout Thailand, providing investors with diversified choices. Especially for Chinese enterprises, some industrial zones have introduced "Chinese-friendly" measures, which have successfully attracted many Chinese enterprises to move in. To date, enterprises in the parks have driven Chinese investment in Thailand to more than US$4.8 billion, accounting for more than 40% of Chinese investment in Thailand's manufacturing sector.

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