KASIKORNBANK HAS opened its first Border Trade Business Centre in Mae Sot, expecting the border town to benefit greatly from further economic development in Myanmar that will spur tourism, trade and investment between the two countries.
Lifting the sentiment on the Thai side is the fact that Mae Sot and two other districts in Tak have been declared special economic zones (SEZs), which should draw investment from Thai and foreign companies and trade with Myanmar.
"The centre, opened ahead of the AEC [Asean Economic Community], aligns with the bank's 'Asean+3' strategy. Through the centre, we aim to introduce banking products and advise our clients in the 13 countries on investment" in Thailand and Myanmar, said KBank president Predee Daochai.
The centre was opened amid encouraging signs of border trade. The value of Thailand's shipments to neighbouring countries rose by 3.5 per cent in the first eight months of this year, against the 5-per-cent contraction in overall exports. Total cross-border exports last year expanded by 6.85 per cent.
Bilateral border trade with Myanmar has increased the most, by more than 10 per cent in the past year.