Prime Minister Prayut makes investment pitch at APEC in China
Prime Minister Prayut Chan-o-cha has proposed what he calls the "Thai Plus One" investment policy to attract foreign direct investment (FDI), particularly from China. Under the policy, foreigners who invest in Thailand will be offered the chance to invest in a neighbouring country as well. The government plans to establish five special economic areas along the borders and have seven more in the next phase. As talks are held with Asean members about transport connectivity, the government will also help foreign investors expand their investments to neighbouring countries if they decide to invest in Thailand. Thailand is the manufacturing base for numerous products exported to developed countries while neighbouring countries, particularly Cambodia, Laos, and Myanmar have the potential to meet the supply chain development needs of investors in the region.
Meanwhile, Prime Minister Prayut held a bilateral meeting with his Chinese counterpart Li Keqiang on Sunday evening, agreeing in principle to promote three aspects of cooperation: 1. Thai-Chinese connectivity, 2. regional connectivity and 3. cooperation in trade and investment, especially agricultural products. Bilateral talks on economic cooperation and building trade and investment ties were also held with the Philippines and Papua New Guinea.
In other APEC news, China and the US agreed to extend the terms of multiple entry short-term tourist and business visas to 10 years from one year. Student visas would be extended to five years from one year.