Thai trade representative Narumon Pinyosinwat discussed avenues for trade and investment between Thailand and Shanghai during a meting on Wednesday in the Chinese city with Zhao Zhuping, deputy secretary-general of the municipal government.
Ms Narumon said Chinese investors sought the highest number of investment privileges from the Thai government last year, with 430 projects representing commitments of 160 billion baht, a two-fold increase on the previous year. That number accounted for 24% of all foreign direct investment (FDI) in Thailand.
Businesses in the Yangtze River Delta (YRD) economic zone sought Board of Investment approval for 113 projects worth 163 billion baht, she said.
In terms of trade volume, Ms Narumon said China has been Thailand’s top trade partner for 11 consecutive years. Bilateral trade last year was valued at US$135 billion, with Thailand importing $105 billion and exporting $69 billion worth of goods and services.
Trade with Shanghai-based businesses was worth $12 billion, and businesses in the YRD economic zone accounted for another $48.8 billion.
Thailand’s top exports to China included integrated circuits, polyethylene, synthetic rubber, automatic data processing machines and fresh fruit. Top imports included cordless WiFi IP phones, cars and other types of vehicles, integrated circuits, transformers and inductors, and steel sheet products, according to Ms Narumon.
In the agricultural sector, she said Shanghai imported 365,665 tonnes of agricultural products worth $603 million from Thailand last year.
The imports increased by 9% by volume and 11% in terms of value from 2022, with top imports including fruits, rubber, fishery products, tapioca starch and chicken products.
The YRD economic zone imported 3.28 million tonnes of Thai agricultural products worth $2.76 billion, she said.
“The Shanghai Municipal Government is ready to boost the partnership, trade and investment sustainably between Shanghai and the Thai government,” she said, noting that next year will mark the 50th anniversary of diplomatic ties between Thailand and China.