The Eastern Economic Corridor (EEC) Office is scheduled to sign a strategic cooperation later this month with the administrative committee of the Zhengzhou Airport Economy Zone (ZAEZ) to support the government's flagship project.
Kanit Sangsubhan, secretary-general of the EEC Office, said the strategic partnership with the ZAEZ will not only help promote joint investment in the two economic zones, but also boost Thai economic growth by about two percentage points a year from 2020 onward.
The ZAEZ is an airport-based economic zone developed around Zhengzhou Xinzheng airport. It sits about 25 kilometres to the southeast of Zhengzhou and occupies an area of 415 square kilometres.
The project is China's first national-level airport economic comprehensive experimental zone. The hub integrates aviation, high-speed rail, an intercity railway, a subway and an expressway. It follows international standards, aiming to cultivate an advanced manufacturing cluster with smart terminals, an aviation economy and an "aerotropolis".
An aerotropolis is where cities are built around airports to connect time-sensitive suppliers, manufacturers, distributors and business people to distant customers, clients and marketplaces.
"Zhengzhou airport in central China has completed three of the five runways it plans to use. The airport also uses an intelligent cargo system," Mr Kanit said. "The cooperation between the EEC and the ZAEZ will not only benefit Thai tourism in the EEC and surrounding areas, but also help support the future capacity utilisation of U-tapao airport."
U-tapao is being upgraded to an EEC aerotropolis as it aims to serve as the third-largest commercial airport in Thailand, expecting to handle 15 million passengers in five years, 30 million in 15 years and 60 million in 20 years.
The aerotropolis would stretch 30km from U-tapao airport. The EEC Office expects 600 companies to set up offices there related to the aerospace, medical, fashion and smart electronics industries.
Deputy Prime Minister Somkid Jatusripitak is scheduled to visit the ZAEC and chair the memorandum of understanding (MoU) signing between the EEC and the ZAEC during April 27-29.
Mr Kanit said the MoU sees the two sides foster cooperation on information exchange and sharing of experience on aerotropolis development relating to air hubs and connectivity planning, industrial recruitment strategies, aerotropolis institute cooperation, urban planning, culture, tourism, research activities and promotion.
The two sides will further promote aviation connectivity and integrated supply chains between the EEC and the ZAEZ.
Henan province plays an increasingly important role in China's economic development. It is also an important region undertaking the transfer of industries in eastern China with the output of resources in western China, as well as a national logistics hub.
"Henan and the EEC plan to establish in-depth economic cooperation covering trade and investment," Mr Kanit said.
In 2018, Henan's GDP was worth 480 billion yuan, up 7.6% from the previous year.
Chiyawan Chongvatana, commercial minister for the Thai embassy in China, said that in recent years total trade volume between the two countries has expanded. China has been Thailand's largest partner for six straight years, and Thailand is China's third-largest trading partner among Asean members.
In 2018, bilateral trade between China and Thailand reached US$88 billion. The 6th China-Thailand Joint Committee on Trade and Economic Cooperation has set a target to expand bilateral trade to $140 billion by 2021.
Bilateral trade between Henan and Thailand hit $874 million in 2018, with exports from Thailand reaching $272 million and imports amounting to $602 million.
Top products exported from Thailand to Henan are rubber, electronic equipment, plastic, rice, cassava products and cosmetics, while top products sent from Henan to Thailand are mobile phones, garments, dry mushrooms and chemical products.
Ms Chiyawan said there is still plenty of room for Henan and Thailand to enhance their trade relations on a larger scale.